https://www.taxtmi.com/caselaws?id=436057 A claimed selling expenditure set off against long-term capital gains on transfer of shares requires independent verification of its genuineness on the assessee's own facts. Reliance only on the recipient entities being tax assessed, payments moving through banking channels, or absence of incriminating material in their search proceedings is insufficient where the Revenue has highlighted suspicious circumstances. The Tribunal held that the appellate authority had not made a fresh, independent appraisal of the payment and the cancellation arrangement. The matter was therefore remanded to the appellate authority for reconsideration, and the earlier deletion of the disallowance did not attain finality. en-us Mon, 23 Jan 2023 00:00:00 +0530 Tue, 04 Apr 2023 08:29:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436057 A claimed selling expenditure set off against long-term capital gains on transfer of shares requires independent verification of its genuineness on the assessee's own facts. Reliance only on the recipient entities being tax assessed, payments moving through banking channels, or absence of incriminating material in their search proceedings is insufficient where the Revenue has highlighted suspicious circumstances. The Tribunal held that the appellate authority had not made a fresh, independent appraisal of the payment and the cancellation arrangement. The matter was therefore remanded to the appellate authority for reconsideration, and the earlier deletion of the disallowance did not attain finality. Case-Laws Income Tax Mon, 23 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436057