https://www.taxtmi.com/caselaws?id=432372 The tribunal allowed the appeal, overturning the CIT(A)'s decision and granting the exemption under Section 10(38) for long-term capital gains to the assessee. The tribunal found that the addition made by the AO was based on mere suspicion without concrete evidence linking the assessee to price manipulation or bogus transactions. Emphasizing the lack of independent verification by the revenue and relying on judicial precedents, the tribunal concluded that the assessee had genuinely invested in shares of Lifeline Drugs and Pharma Ltd, selling them at prevailing market prices after holding them for over a year. en-us Tue, 13 Dec 2022 00:00:00 +0530 Fri, 03 Mar 2023 17:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432372 The tribunal allowed the appeal, overturning the CIT(A)'s decision and granting the exemption under Section 10(38) for long-term capital gains to the assessee. The tribunal found that the addition made by the AO was based on mere suspicion without concrete evidence linking the assessee to price manipulation or bogus transactions. Emphasizing the lack of independent verification by the revenue and relying on judicial precedents, the tribunal concluded that the assessee had genuinely invested in shares of Lifeline Drugs and Pharma Ltd, selling them at prevailing market prices after holding them for over a year. Case-Laws Income Tax Tue, 13 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432372