https://www.taxtmi.com/caselaws?id=379221 Exempt long-term capital gains from share sales were scrutinised against investigation material, financial patterns, trading behaviour and surrounding circumstances, and the documentary records were found insufficient to prove genuineness. The text emphasises that taxing authorities may look beyond apparent documents, apply the test of human probability, and require the assessee to discharge the burden of proving a real transaction. Where the share dealings are found to be a structured sham or colourable device to introduce unaccounted money, the claim of exemption fails and the sale proceeds may be treated as unexplained income. A procedural objection based on non-confrontation or lack of cross-examination did not displace the factual finding. en-us Thu, 25 Apr 2019 00:00:00 +0530 Thu, 14 May 2026 13:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379221 Exempt long-term capital gains from share sales were scrutinised against investigation material, financial patterns, trading behaviour and surrounding circumstances, and the documentary records were found insufficient to prove genuineness. The text emphasises that taxing authorities may look beyond apparent documents, apply the test of human probability, and require the assessee to discharge the burden of proving a real transaction. Where the share dealings are found to be a structured sham or colourable device to introduce unaccounted money, the claim of exemption fails and the sale proceeds may be treated as unexplained income. A procedural objection based on non-confrontation or lack of cross-examination did not displace the factual finding. Case-Laws Income Tax Thu, 25 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379221