https://www.taxtmi.com/caselaws?id=414440 The Tribunal allowed the appeal, holding that the long-term capital gain reported by the assessee could not be deemed as bogus solely based on a report without substantial evidence against the assessee. The Tribunal emphasized the lack of direct evidence linking the assessee to fraudulent activities and the denial of an opportunity for cross-examination. Consequently, the Tribunal set aside the CIT(A)'s decision and instructed the AO to remove the addition under section 68 of the Income Tax Act, 1961. en-us Fri, 29 Oct 2021 00:00:00 +0530 Mon, 08 Nov 2021 07:01:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414440 The Tribunal allowed the appeal, holding that the long-term capital gain reported by the assessee could not be deemed as bogus solely based on a report without substantial evidence against the assessee. The Tribunal emphasized the lack of direct evidence linking the assessee to fraudulent activities and the denial of an opportunity for cross-examination. Consequently, the Tribunal set aside the CIT(A)'s decision and instructed the AO to remove the addition under section 68 of the Income Tax Act, 1961. Case-Laws Income Tax Fri, 29 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414440