https://www.taxtmi.com/caselaws?id=429765 The Tribunal dismissed both appeals, upholding the disallowance of the exemption claim under section 10(38) of the Income Tax Act for long-term capital gains from the sale of shares, adding them as unexplained cash credit under section 68. The Tribunal supported the Assessing Officer's conclusions based on the suspicious nature of transactions and lack of credible evidence from the assessee. The decision was influenced by the precedent set by the High Court, emphasizing the burden of proof on the assessee to prove transaction genuineness. en-us Mon, 31 Oct 2022 00:00:00 +0530 Thu, 03 Nov 2022 12:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429765 The Tribunal dismissed both appeals, upholding the disallowance of the exemption claim under section 10(38) of the Income Tax Act for long-term capital gains from the sale of shares, adding them as unexplained cash credit under section 68. The Tribunal supported the Assessing Officer's conclusions based on the suspicious nature of transactions and lack of credible evidence from the assessee. The decision was influenced by the precedent set by the High Court, emphasizing the burden of proof on the assessee to prove transaction genuineness. Case-Laws Income Tax Mon, 31 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429765