https://www.taxtmi.com/caselaws?id=295980 The Tribunal ruled in favor of the assessee, overturning the addition made under section 68 of the Income Tax Act. Despite suspicions raised over the significant profit from share sales, the Tribunal emphasized the lack of concrete evidence linking the transaction to fraudulent activities. The Tribunal stressed the necessity of specific evidence to support additions and concluded that without such evidence, the addition was unwarranted. The Tribunal highlighted the importance of substantiating transactions with tangible proof and rejected additions based solely on suspicions or general patterns of fraudulent schemes. en-us Mon, 28 Jan 2019 00:00:00 +0530 Tue, 29 Jun 2021 09:39:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295980 The Tribunal ruled in favor of the assessee, overturning the addition made under section 68 of the Income Tax Act. Despite suspicions raised over the significant profit from share sales, the Tribunal emphasized the lack of concrete evidence linking the transaction to fraudulent activities. The Tribunal stressed the necessity of specific evidence to support additions and concluded that without such evidence, the addition was unwarranted. The Tribunal highlighted the importance of substantiating transactions with tangible proof and rejected additions based solely on suspicions or general patterns of fraudulent schemes. Case-Laws Income Tax Mon, 28 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295980