https://www.taxtmi.com/caselaws?id=286158 Long-term capital gain from share sales cannot be treated as bogus where the assessee substantiates purchase, holding, transfer in its name, sale through registered brokers, and market quotations matching the sale price. An addition based mainly on a broker's statement is unsustainable when that statement is not put to cross-examination and no independent material discredits the documentary evidence or shows the transactions to be sham. On these facts, ITAT Delhi upheld the first appellate authority's finding that the share transactions were genuine and the declared capital gain was to be assessed as such, so the addition was deleted. en-us Fri, 18 Sep 2015 00:00:00 +0530 Fri, 14 Feb 2020 19:55:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286158 Long-term capital gain from share sales cannot be treated as bogus where the assessee substantiates purchase, holding, transfer in its name, sale through registered brokers, and market quotations matching the sale price. An addition based mainly on a broker's statement is unsustainable when that statement is not put to cross-examination and no independent material discredits the documentary evidence or shows the transactions to be sham. On these facts, ITAT Delhi upheld the first appellate authority's finding that the share transactions were genuine and the declared capital gain was to be assessed as such, so the addition was deleted. Case-Laws Income Tax Fri, 18 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286158