https://www.taxtmi.com/caselaws?id=402769 The Tribunal ruled in favor of the assessee, directing the AO to accept the Long Term Capital Gains (LTCG) as genuine and grant exemption under Section 10(38) of the Income Tax Act. The Tribunal found the assessee provided sufficient evidence to support the legitimacy of the transactions, including purchase and sale through recognized channels, payment through bank, and dematerialization of shares. The Tribunal criticized the AO's reliance on suspicion and circumstantial evidence without concrete proof of fraudulent transactions, leading to the allowance of the appeals and deletion of the additions made by the AO. en-us Wed, 06 Jan 2021 00:00:00 +0530 Tue, 12 Jan 2021 13:32:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402769 The Tribunal ruled in favor of the assessee, directing the AO to accept the Long Term Capital Gains (LTCG) as genuine and grant exemption under Section 10(38) of the Income Tax Act. The Tribunal found the assessee provided sufficient evidence to support the legitimacy of the transactions, including purchase and sale through recognized channels, payment through bank, and dematerialization of shares. The Tribunal criticized the AO's reliance on suspicion and circumstantial evidence without concrete proof of fraudulent transactions, leading to the allowance of the appeals and deletion of the additions made by the AO. Case-Laws Income Tax Wed, 06 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402769