https://www.taxtmi.com/caselaws?id=381221 The Tribunal ruled in favor of the assessee, holding that the Long Term Capital Gains (LTCG) claimed on the sale of shares were genuine. The additions made by the Assessing Officer under Section 68 were deemed unjustified, as the transactions were found to be legitimate and conducted through recognized stock exchanges. The Tribunal criticized the AO's reliance on unverified statements and reports without providing the assessee an opportunity for cross-examination. The Tribunal directed the AO to delete the additions, emphasizing the importance of concrete evidence and adherence to principles of natural justice. en-us Mon, 03 Jun 2019 00:00:00 +0530 Thu, 06 Jun 2019 10:09:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381221 The Tribunal ruled in favor of the assessee, holding that the Long Term Capital Gains (LTCG) claimed on the sale of shares were genuine. The additions made by the Assessing Officer under Section 68 were deemed unjustified, as the transactions were found to be legitimate and conducted through recognized stock exchanges. The Tribunal criticized the AO's reliance on unverified statements and reports without providing the assessee an opportunity for cross-examination. The Tribunal directed the AO to delete the additions, emphasizing the importance of concrete evidence and adherence to principles of natural justice. Case-Laws Income Tax Mon, 03 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381221