https://www.taxtmi.com/caselaws?id=395518 The Tribunal upheld the Assessing Officer's decision to treat the sale consideration as unexplained credit under Section 68 and reject the Long Term Capital Gain (LTCG) exemption claim under Section 10(38). The Tribunal found that the assessee engaged in sham transactions to convert unaccounted money into accounted money through bogus LTCG transactions. The onus of proving the genuineness of transactions lay with the assessee, who failed to provide sufficient evidence to rebut the AO's findings, leading to the dismissal of the appeal. en-us Fri, 22 May 2020 00:00:00 +0530 Tue, 26 May 2020 09:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395518 The Tribunal upheld the Assessing Officer's decision to treat the sale consideration as unexplained credit under Section 68 and reject the Long Term Capital Gain (LTCG) exemption claim under Section 10(38). The Tribunal found that the assessee engaged in sham transactions to convert unaccounted money into accounted money through bogus LTCG transactions. The onus of proving the genuineness of transactions lay with the assessee, who failed to provide sufficient evidence to rebut the AO's findings, leading to the dismissal of the appeal. Case-Laws Income Tax Fri, 22 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395518