https://www.taxtmi.com/caselaws?id=273505 The Tribunal set aside the lower authorities' decisions to disallow Long Term Capital Gains (LTCG) and add a commission as undisclosed income. It found that the Assessing Officer (A.O.) had not provided concrete evidence to refute the genuineness of the transactions supported by the assessee. Emphasizing the lack of corroborative evidence and the failure to allow cross-examination of a key witness, the Tribunal ruled in favor of the assessee, deleting the additions made by the A.O. The reassessment proceedings were deemed valid but required substantial evidence beyond witness statements for final assessment. en-us Mon, 22 May 2017 00:00:00 +0530 Sat, 30 Jun 2018 07:03:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273505 The Tribunal set aside the lower authorities' decisions to disallow Long Term Capital Gains (LTCG) and add a commission as undisclosed income. It found that the Assessing Officer (A.O.) had not provided concrete evidence to refute the genuineness of the transactions supported by the assessee. Emphasizing the lack of corroborative evidence and the failure to allow cross-examination of a key witness, the Tribunal ruled in favor of the assessee, deleting the additions made by the A.O. The reassessment proceedings were deemed valid but required substantial evidence beyond witness statements for final assessment. Case-Laws Income Tax Mon, 22 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273505