https://www.taxtmi.com/caselaws?id=425782 The Tribunal allowed the appeal of the assessee, directing the deletion of the addition made under Section 68 of the Income Tax Act. The Tribunal found that the assessee had provided substantial documentary evidence to support the genuineness of the Long Term Capital Gain (LTCG) claimed, and criticized the denial of cross-examination and reliance on statements recorded under Section 133A. Additionally, the Tribunal noted the Assessing Officer's failure to conduct an independent inquiry, emphasizing the insufficiency of relying solely on the Investigation Wing's report and statements without further verification. en-us Tue, 14 Jun 2022 00:00:00 +0530 Sat, 20 Aug 2022 11:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425782 The Tribunal allowed the appeal of the assessee, directing the deletion of the addition made under Section 68 of the Income Tax Act. The Tribunal found that the assessee had provided substantial documentary evidence to support the genuineness of the Long Term Capital Gain (LTCG) claimed, and criticized the denial of cross-examination and reliance on statements recorded under Section 133A. Additionally, the Tribunal noted the Assessing Officer's failure to conduct an independent inquiry, emphasizing the insufficiency of relying solely on the Investigation Wing's report and statements without further verification. Case-Laws Income Tax Tue, 14 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425782