https://www.taxtmi.com/caselaws?id=305521 The Appellate Tribunal ITAT Kolkata allowed the appeal of the assessee in a case concerning the rejection of the claim of Long Term Capital Gains on shares. The Tribunal emphasized the necessity of decisions based on concrete evidence rather than generalizations or suspicions. It highlighted the importance of specific material and confrontation with the assessee in such cases. The Tribunal found the reliance on circumstantial evidence and human probabilities by the revenue authorities insufficient, leading to the deletion of the addition and consequential addition under section 69C, ultimately ruling in favor of the assessee. en-us Fri, 09 Nov 2018 00:00:00 +0530 Fri, 09 Dec 2022 10:02:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305521 The Appellate Tribunal ITAT Kolkata allowed the appeal of the assessee in a case concerning the rejection of the claim of Long Term Capital Gains on shares. The Tribunal emphasized the necessity of decisions based on concrete evidence rather than generalizations or suspicions. It highlighted the importance of specific material and confrontation with the assessee in such cases. The Tribunal found the reliance on circumstantial evidence and human probabilities by the revenue authorities insufficient, leading to the deletion of the addition and consequential addition under section 69C, ultimately ruling in favor of the assessee. Case-Laws Income Tax Fri, 09 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305521