https://www.taxtmi.com/caselaws?id=300902 The Tribunal ruled in favor of the assessees, overturning the decisions of the AO and CIT(A). It held that the capital gains should not be classified as income from other sources without concrete evidence. The Tribunal found the assessees' documentation, including DEMAT accounts and broker statements, to be genuine and criticized the lack of direct evidence against them. It emphasized the violation of natural justice principles due to the absence of an opportunity for the assessees to challenge the information used. The appeals were allowed, and the decision was issued on 25.05.2021. en-us Tue, 25 May 2021 00:00:00 +0530 Thu, 03 Mar 2022 06:47:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300902 The Tribunal ruled in favor of the assessees, overturning the decisions of the AO and CIT(A). It held that the capital gains should not be classified as income from other sources without concrete evidence. The Tribunal found the assessees' documentation, including DEMAT accounts and broker statements, to be genuine and criticized the lack of direct evidence against them. It emphasized the violation of natural justice principles due to the absence of an opportunity for the assessees to challenge the information used. The appeals were allowed, and the decision was issued on 25.05.2021. Case-Laws Income Tax Tue, 25 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300902