https://www.taxtmi.com/caselaws?id=427864 The ITAT ruled in favor of the assessee, allowing the claim of exempted LTCG on the sale of shares. The ITAT found that the AO's disallowance lacked concrete evidence and was based solely on third-party statements without providing an opportunity for cross-examination. Emphasizing the need for substantiated evidence, the ITAT referenced judicial precedents and held that suspicion alone could not justify disallowance. The ITAT concluded that the transactions were genuine, supported by documentary evidence, and overturned the CIT(A)'s decision, allowing the appeal filed by the assessee. en-us Fri, 25 Feb 2022 00:00:00 +0530 Sat, 17 Sep 2022 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427864 The ITAT ruled in favor of the assessee, allowing the claim of exempted LTCG on the sale of shares. The ITAT found that the AO's disallowance lacked concrete evidence and was based solely on third-party statements without providing an opportunity for cross-examination. Emphasizing the need for substantiated evidence, the ITAT referenced judicial precedents and held that suspicion alone could not justify disallowance. The ITAT concluded that the transactions were genuine, supported by documentary evidence, and overturned the CIT(A)'s decision, allowing the appeal filed by the assessee. Case-Laws Income Tax Fri, 25 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427864