https://www.taxtmi.com/caselaws?id=410839 The tribunal allowed the appeals, directing the deletion of the additions made by the Revenue and accepting the assessee's claim for LTCG exemption under Section 10(38) of the Income Tax Act, 1961. The tribunal criticized the AO for relying on third-party investigation reports without independent verification and denying the assessee the opportunity for cross-examination. The tribunal found that the assessee provided sufficient documentation to prove the genuineness of the transactions, while the AO failed to produce contrary evidence. The tribunal's decision applied to all appeals involving similar issues and facts. en-us Tue, 27 Jul 2021 00:00:00 +0530 Wed, 11 Aug 2021 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410839 The tribunal allowed the appeals, directing the deletion of the additions made by the Revenue and accepting the assessee's claim for LTCG exemption under Section 10(38) of the Income Tax Act, 1961. The tribunal criticized the AO for relying on third-party investigation reports without independent verification and denying the assessee the opportunity for cross-examination. The tribunal found that the assessee provided sufficient documentation to prove the genuineness of the transactions, while the AO failed to produce contrary evidence. The tribunal's decision applied to all appeals involving similar issues and facts. Case-Laws Income Tax Tue, 27 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410839