https://www.taxtmi.com/caselaws?id=433178 The Tribunal upheld the CIT(A)'s decision, dismissing the Department's appeal. It concluded that the assessee had proven the genuineness of the transactions, and the addition under Section 68 by the AO was unjustified. The Tribunal emphasized that suspicion alone cannot deem genuine transactions as bogus. The Revenue's appeal was dismissed, affirming the assessee's claim of LTCG as genuine and exempt from tax under Section 10(38) of the Income Tax Act, 1961. en-us Fri, 20 Jan 2023 00:00:00 +0530 Mon, 23 Jan 2023 11:04:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433178 The Tribunal upheld the CIT(A)'s decision, dismissing the Department's appeal. It concluded that the assessee had proven the genuineness of the transactions, and the addition under Section 68 by the AO was unjustified. The Tribunal emphasized that suspicion alone cannot deem genuine transactions as bogus. The Revenue's appeal was dismissed, affirming the assessee's claim of LTCG as genuine and exempt from tax under Section 10(38) of the Income Tax Act, 1961. Case-Laws Income Tax Fri, 20 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433178