https://www.taxtmi.com/caselaws?id=384507 The ITAT Delhi held that a claim of exempt long-term capital gain on sale of shares was not genuine where the shares were bought in an unknown company, sold after an improbable price surge, and supported only by banking trail and paperwork. The Tribunal relied on the investigation report, stock exchange information showing suspension and later revocation of trading, and the absence of credible evidence of the company's profile or financials to conclude that the transaction was a pre-arranged accommodation entry. It rejected the cross-examination objection because the assessee had been confronted with the material used against it, and sustained the addition as income liable to tax. en-us Fri, 14 Jun 2019 00:00:00 +0530 Fri, 16 Aug 2019 14:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384507 The ITAT Delhi held that a claim of exempt long-term capital gain on sale of shares was not genuine where the shares were bought in an unknown company, sold after an improbable price surge, and supported only by banking trail and paperwork. The Tribunal relied on the investigation report, stock exchange information showing suspension and later revocation of trading, and the absence of credible evidence of the company's profile or financials to conclude that the transaction was a pre-arranged accommodation entry. It rejected the cross-examination objection because the assessee had been confronted with the material used against it, and sustained the addition as income liable to tax. Case-Laws Income Tax Fri, 14 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384507