https://www.taxtmi.com/caselaws?id=399325 The Gujarat High Court dismissed the appeal filed by the Revenue against the Income Tax Appellate Tribunal's decision for the assessment year 2014-15. The Court upheld the Tribunal's ruling that the assessee had adequately proven the legitimacy of transactions with alleged bogus companies, providing relevant details and maintaining shares in the account post-capital gain. The absence of evidence from the Investigation Wing and lack of cross-examination opportunities further supported the assessee's position. The Court concluded that the issue did not raise a substantial question of law under Section 260A of the Income Tax Act, affirming the Tribunal's decision. en-us Thu, 17 Sep 2020 00:00:00 +0530 Thu, 08 Oct 2020 11:46:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399325 The Gujarat High Court dismissed the appeal filed by the Revenue against the Income Tax Appellate Tribunal's decision for the assessment year 2014-15. The Court upheld the Tribunal's ruling that the assessee had adequately proven the legitimacy of transactions with alleged bogus companies, providing relevant details and maintaining shares in the account post-capital gain. The absence of evidence from the Investigation Wing and lack of cross-examination opportunities further supported the assessee's position. The Court concluded that the issue did not raise a substantial question of law under Section 260A of the Income Tax Act, affirming the Tribunal's decision. Case-Laws Income Tax Thu, 17 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399325