https://www.taxtmi.com/caselaws?id=422740 The Tribunal allowed the assessee's appeal, directing the AO to delete the addition of Rs. 77,78,476/- as LTCG from the sale of shares. The Tribunal found that the assessee had provided genuine supporting documents for the transactions, discharged the burden of proof under Section 68 of the Income Tax Act, and criticized the reliance on investigation reports without direct evidence. The AO's vague show cause notice lacking specific information was deemed insufficient. The Tribunal emphasized the importance of concrete evidence over suspicion, ultimately ruling in favor of the assessee and allowing the exemption under Section 10(38) of the Income Tax Act. en-us Fri, 08 Apr 2022 00:00:00 +0530 Fri, 20 May 2022 12:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422740 The Tribunal allowed the assessee's appeal, directing the AO to delete the addition of Rs. 77,78,476/- as LTCG from the sale of shares. The Tribunal found that the assessee had provided genuine supporting documents for the transactions, discharged the burden of proof under Section 68 of the Income Tax Act, and criticized the reliance on investigation reports without direct evidence. The AO's vague show cause notice lacking specific information was deemed insufficient. The Tribunal emphasized the importance of concrete evidence over suspicion, ultimately ruling in favor of the assessee and allowing the exemption under Section 10(38) of the Income Tax Act. Case-Laws Income Tax Fri, 08 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422740