https://www.taxtmi.com/caselaws?id=354879 The Tribunal ruled in favor of the assessees, finding that the long-term capital gains declared should not be treated as unexplained income. The Tribunal determined that the Assessing Officer's conclusions were based on mere suspicion and lacked concrete evidence. The application of Section 68 of the Income Tax Act was deemed inappropriate as the assessees were not required to maintain books of accounts. Additionally, the additions made based on presumptions and assumptions, including commission payments, were deleted due to lack of corroborative evidence. The disallowance of legal expenditure was overturned as the expenditure was found to be genuine and allowable under the Income Tax Act. en-us Wed, 31 Jan 2018 00:00:00 +0530 Tue, 06 Feb 2018 07:58:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354879 The Tribunal ruled in favor of the assessees, finding that the long-term capital gains declared should not be treated as unexplained income. The Tribunal determined that the Assessing Officer's conclusions were based on mere suspicion and lacked concrete evidence. The application of Section 68 of the Income Tax Act was deemed inappropriate as the assessees were not required to maintain books of accounts. Additionally, the additions made based on presumptions and assumptions, including commission payments, were deleted due to lack of corroborative evidence. The disallowance of legal expenditure was overturned as the expenditure was found to be genuine and allowable under the Income Tax Act. Case-Laws Income Tax Wed, 31 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354879