https://www.taxtmi.com/caselaws?id=439347 The Tribunal upheld the addition under section 68 of the Income Tax Act for the assessment years 2014-15 and 2015-16, treating long-term capital gains as bogus due to transactions involving penny stocks manipulated for accommodation entries. The Tribunal emphasized the heavy burden of proof on the assessee to establish the genuineness of transactions, which was not met despite documentary evidence. The Tribunal applied legal principles and the preponderance of probabilities to support the Revenue's findings. Consequently, both appeals by the assessee were dismissed, affirming the addition of bogus long-term capital gains. en-us Mon, 12 Jun 2023 00:00:00 +0530 Thu, 22 Jun 2023 09:06:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439347 The Tribunal upheld the addition under section 68 of the Income Tax Act for the assessment years 2014-15 and 2015-16, treating long-term capital gains as bogus due to transactions involving penny stocks manipulated for accommodation entries. The Tribunal emphasized the heavy burden of proof on the assessee to establish the genuineness of transactions, which was not met despite documentary evidence. The Tribunal applied legal principles and the preponderance of probabilities to support the Revenue's findings. Consequently, both appeals by the assessee were dismissed, affirming the addition of bogus long-term capital gains. Case-Laws Income Tax Mon, 12 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439347