https://www.taxtmi.com/caselaws?id=435378 The Tribunal upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete the additions made by the Assessing Officer under Sections 68 and 69C of the Income Tax Act. The Tribunal also allowed the exemption claimed by the assessee under Section 10(38) for Long Term Capital Gains (LTCG) from penny stocks. It emphasized the necessity for the AO to provide substantial evidence and opportunities for cross-examination, highlighting the importance of supporting additions with concrete proof rather than relying solely on suspicion or third-party statements. en-us Mon, 13 Mar 2023 00:00:00 +0530 Fri, 17 Mar 2023 15:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435378 The Tribunal upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete the additions made by the Assessing Officer under Sections 68 and 69C of the Income Tax Act. The Tribunal also allowed the exemption claimed by the assessee under Section 10(38) for Long Term Capital Gains (LTCG) from penny stocks. It emphasized the necessity for the AO to provide substantial evidence and opportunities for cross-examination, highlighting the importance of supporting additions with concrete proof rather than relying solely on suspicion or third-party statements. Case-Laws Income Tax Mon, 13 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435378