https://www.taxtmi.com/caselaws?id=386292 The Tribunal ruled in favor of the assessee, holding that the LTCG from share transactions should not be treated as bogus unexplained cash credits under Section 68 of the Income Tax Act. The Tribunal found the appellant's transactions genuine, supported by documentary evidence, and emphasized the lack of specific evidence from the lower authorities to counter this. The Tribunal also highlighted the importance of cross-examination and referenced judicial precedents supporting the genuineness of similar transactions. The recalculation of interest under Section 234B was directed based on the final assessed tax after the appellate order. en-us Fri, 02 Aug 2019 00:00:00 +0530 Thu, 26 Sep 2019 06:56:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386292 The Tribunal ruled in favor of the assessee, holding that the LTCG from share transactions should not be treated as bogus unexplained cash credits under Section 68 of the Income Tax Act. The Tribunal found the appellant's transactions genuine, supported by documentary evidence, and emphasized the lack of specific evidence from the lower authorities to counter this. The Tribunal also highlighted the importance of cross-examination and referenced judicial precedents supporting the genuineness of similar transactions. The recalculation of interest under Section 234B was directed based on the final assessed tax after the appellate order. Case-Laws Income Tax Fri, 02 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386292