https://www.taxtmi.com/caselaws?id=432284 The Tribunal upheld the Assessing Officer's decision in a tax case involving violations of natural justice, unexplained credits under Section 68, denial of exemption under Section 10(38) for long-term capital gains, and the levy of interest under Sections 234A, 234B, and 234C of the Income Tax Act. The Tribunal dismissed the appeals, finding the transactions involved were bogus, justifying the addition of sale consideration as unexplained credit and denying the exemption claimed. The assessees' failure to respond to notices and appear for hearings led to the decisions being based on available records and the Departmental Representative's submissions. en-us Fri, 23 Dec 2022 00:00:00 +0530 Thu, 29 Dec 2022 14:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432284 The Tribunal upheld the Assessing Officer's decision in a tax case involving violations of natural justice, unexplained credits under Section 68, denial of exemption under Section 10(38) for long-term capital gains, and the levy of interest under Sections 234A, 234B, and 234C of the Income Tax Act. The Tribunal dismissed the appeals, finding the transactions involved were bogus, justifying the addition of sale consideration as unexplained credit and denying the exemption claimed. The assessees' failure to respond to notices and appear for hearings led to the decisions being based on available records and the Departmental Representative's submissions. Case-Laws Income Tax Fri, 23 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432284