https://www.taxtmi.com/caselaws?id=390536 The ITAT Chennai upheld the disallowance of long-term capital gains (LTCG) due to alleged bogus transactions, validating the reassessment proceedings based on information from the Deputy Director of Income Tax. The court confirmed discrepancies in share transactions, supported by the broker's admission of facilitating bogus contract notes. Despite procedural fairness concerns regarding cross-examination, the presence of a related party did not invalidate the process. The delay in filing the appeal was condoned, but the appellant's failure to provide compelling evidence led to the dismissal of the appeal. en-us Thu, 05 Dec 2019 00:00:00 +0530 Mon, 06 Jan 2020 06:36:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390536 The ITAT Chennai upheld the disallowance of long-term capital gains (LTCG) due to alleged bogus transactions, validating the reassessment proceedings based on information from the Deputy Director of Income Tax. The court confirmed discrepancies in share transactions, supported by the broker's admission of facilitating bogus contract notes. Despite procedural fairness concerns regarding cross-examination, the presence of a related party did not invalidate the process. The delay in filing the appeal was condoned, but the appellant's failure to provide compelling evidence led to the dismissal of the appeal. Case-Laws Income Tax Thu, 05 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390536