https://www.taxtmi.com/caselaws?id=428476 The Tribunal dismissed the appeals of the assessees, upholding the decision of the Assessing Officer (AO) and the Commissioner of Income Tax (Appeals) (CIT(A)). The Tribunal found that the Long Term Capital Gains (LTCG) reported were fabricated, and additions under Section 68 as unexplained cash credits were justified. Relying on the precedent set by the jurisdictional High Court of Calcutta in a similar case, the Tribunal concluded that the assessees failed to prove the genuineness of their transactions. The orders of the AOs were restored, and the appeals were dismissed on 29.09.2022. en-us Thu, 29 Sep 2022 00:00:00 +0530 Sat, 01 Oct 2022 09:29:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428476 The Tribunal dismissed the appeals of the assessees, upholding the decision of the Assessing Officer (AO) and the Commissioner of Income Tax (Appeals) (CIT(A)). The Tribunal found that the Long Term Capital Gains (LTCG) reported were fabricated, and additions under Section 68 as unexplained cash credits were justified. Relying on the precedent set by the jurisdictional High Court of Calcutta in a similar case, the Tribunal concluded that the assessees failed to prove the genuineness of their transactions. The orders of the AOs were restored, and the appeals were dismissed on 29.09.2022. Case-Laws Income Tax Thu, 29 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428476