https://www.taxtmi.com/caselaws?id=295981 The ITAT Kolkata allowed the appeal of the assessee by deleting the addition under section 68 of the Income Tax Act for Long Term Capital Gains on shares of M/s Kappac Pharma Limited. The tribunal found that the assessee had provided substantial evidence supporting the transactions, including purchase details, payment evidence, and bank statements. Despite the circumstantial evidence and suspicions raised by the AO and CIT(A), the ITAT relied on legal precedents emphasizing the importance of concrete evidence in such cases, leading to the favorable outcome for the assessee. en-us Fri, 01 Feb 2019 00:00:00 +0530 Tue, 29 Jun 2021 09:39:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295981 The ITAT Kolkata allowed the appeal of the assessee by deleting the addition under section 68 of the Income Tax Act for Long Term Capital Gains on shares of M/s Kappac Pharma Limited. The tribunal found that the assessee had provided substantial evidence supporting the transactions, including purchase details, payment evidence, and bank statements. Despite the circumstantial evidence and suspicions raised by the AO and CIT(A), the ITAT relied on legal precedents emphasizing the importance of concrete evidence in such cases, leading to the favorable outcome for the assessee. Case-Laws Income Tax Fri, 01 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295981