https://www.taxtmi.com/caselaws?id=424619 The tribunal dismissed all appeals, upholding the treating of Long Term Capital Gains (LTCG) as "income from other sources" and applying section 115BBE provisions. Transactions involving penny stocks were deemed illegitimate due to tax evasion efforts, supported by insufficient evidence from the assessee. The burden of proof lies with the assessee to establish transaction genuineness, as evident in judicial precedents. The decision emphasizes tax authorities' right to scrutinize transactions beyond face value to combat tax evasion effectively. en-us Thu, 30 Jun 2022 00:00:00 +0530 Tue, 05 Jul 2022 08:17:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424619 The tribunal dismissed all appeals, upholding the treating of Long Term Capital Gains (LTCG) as "income from other sources" and applying section 115BBE provisions. Transactions involving penny stocks were deemed illegitimate due to tax evasion efforts, supported by insufficient evidence from the assessee. The burden of proof lies with the assessee to establish transaction genuineness, as evident in judicial precedents. The decision emphasizes tax authorities' right to scrutinize transactions beyond face value to combat tax evasion effectively. Case-Laws Income Tax Thu, 30 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424619