https://www.taxtmi.com/caselaws?id=294944 The Tribunal remitted the issue of Long Term Capital Gain as penny stock transactions back to the Assessing Officer for re-adjudication. Emphasizing the burden of proof on the assessee, the Tribunal highlighted the importance of providing a fair opportunity to establish the genuineness of transactions. Lack of evidence on share holding duration and demat process discrepancies led to the decision. The AO was directed to conduct inquiries, assess the genuineness of transactions, and allow the assessee to present evidence before making a decision in line with the law. en-us Wed, 11 Dec 2019 00:00:00 +0530 Tue, 11 May 2021 08:35:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294944 The Tribunal remitted the issue of Long Term Capital Gain as penny stock transactions back to the Assessing Officer for re-adjudication. Emphasizing the burden of proof on the assessee, the Tribunal highlighted the importance of providing a fair opportunity to establish the genuineness of transactions. Lack of evidence on share holding duration and demat process discrepancies led to the decision. The AO was directed to conduct inquiries, assess the genuineness of transactions, and allow the assessee to present evidence before making a decision in line with the law. Case-Laws Income Tax Wed, 11 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294944