https://www.taxtmi.com/caselaws?id=384580 The Tribunal allowed the appeal of the assessee, ruling that the Assessing Officer and Commissioner of Income Tax (Appeals) were unjustified in treating Long Term Capital Gain (LTCG) on the sale of shares as bogus under Section 68 of the Income Tax Act. The Tribunal emphasized that the assessee provided valid evidence to substantiate the genuineness of the transactions, including electronic trading through a registered broker and payment via cheques. The addition of the disputed amount was directed to be deleted, highlighting that transactions should not be deemed fake based on suspicion alone, and the burden of proof lies with the party alleging fraud. en-us Fri, 09 Aug 2019 00:00:00 +0530 Sat, 17 Aug 2019 07:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384580 The Tribunal allowed the appeal of the assessee, ruling that the Assessing Officer and Commissioner of Income Tax (Appeals) were unjustified in treating Long Term Capital Gain (LTCG) on the sale of shares as bogus under Section 68 of the Income Tax Act. The Tribunal emphasized that the assessee provided valid evidence to substantiate the genuineness of the transactions, including electronic trading through a registered broker and payment via cheques. The addition of the disputed amount was directed to be deleted, highlighting that transactions should not be deemed fake based on suspicion alone, and the burden of proof lies with the party alleging fraud. Case-Laws Income Tax Fri, 09 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384580