https://www.taxtmi.com/caselaws?id=368462 The Tribunal overturned the decision to reject the claim of Long Term Capital Gains on shares, emphasizing the necessity of concrete evidence and individual assessments over generalizations and circumstantial evidence. The lack of specific material and failure to confront the assessee's evidence led to the deletion of the addition, highlighting the importance of substantiating claims with direct evidence. The judgment underscored the need for decisions to be evidence-based, ultimately allowing the appeal and denying the denial of exemption under section 10(38) of the Income Tax Act, 1961. en-us Fri, 05 Oct 2018 00:00:00 +0530 Tue, 09 Oct 2018 06:44:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368462 The Tribunal overturned the decision to reject the claim of Long Term Capital Gains on shares, emphasizing the necessity of concrete evidence and individual assessments over generalizations and circumstantial evidence. The lack of specific material and failure to confront the assessee's evidence led to the deletion of the addition, highlighting the importance of substantiating claims with direct evidence. The judgment underscored the need for decisions to be evidence-based, ultimately allowing the appeal and denying the denial of exemption under section 10(38) of the Income Tax Act, 1961. Case-Laws Income Tax Fri, 05 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368462