https://www.taxtmi.com/caselaws?id=385132 The Tribunal allowed the appeal, holding that the AO was not justified in treating the sale proceeds of KAFL shares as undisclosed income under section 68. The Tribunal directed the AO to accept the assessee's claim of LTCG and the exemption under section 10(38) of the Act, as the transactions were genuine and supported by substantial evidence. The Tribunal also distinguished the case from other judicial decisions cited by the Revenue, noting that the facts and circumstances in those cases were different. The appeal of the assessee is allowed, and the AO is directed not to treat the LTCG on the sale of KAFL shares as bogus and to delete the consequential addition. en-us Fri, 23 Aug 2019 00:00:00 +0530 Fri, 30 Aug 2019 08:38:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385132 The Tribunal allowed the appeal, holding that the AO was not justified in treating the sale proceeds of KAFL shares as undisclosed income under section 68. The Tribunal directed the AO to accept the assessee's claim of LTCG and the exemption under section 10(38) of the Act, as the transactions were genuine and supported by substantial evidence. The Tribunal also distinguished the case from other judicial decisions cited by the Revenue, noting that the facts and circumstances in those cases were different. The appeal of the assessee is allowed, and the AO is directed not to treat the LTCG on the sale of KAFL shares as bogus and to delete the consequential addition. Case-Laws Income Tax Fri, 23 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385132