https://www.taxtmi.com/caselaws?id=311680 The tribunal upheld the addition of Rs. 62.09 lakhs as income under section 68 of the Income-tax Act, 1961, dismissing the assessee's appeal. The assessee had claimed a long-term capital gain exemption for the sale of shares, but the Assessing Officer determined the transaction was fictitious due to the suspension of the involved scrip by the Bombay Stock Exchange. The tribunal proceeded ex-parte, noting the assessee failed to provide evidence to counter the findings of the Ld. CIT(A). The appeal was dismissed, affirming the addition of the sale proceeds as income. en-us Tue, 20 Jul 2021 00:00:00 +0530 Mon, 08 Jan 2024 20:47:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311680 The tribunal upheld the addition of Rs. 62.09 lakhs as income under section 68 of the Income-tax Act, 1961, dismissing the assessee's appeal. The assessee had claimed a long-term capital gain exemption for the sale of shares, but the Assessing Officer determined the transaction was fictitious due to the suspension of the involved scrip by the Bombay Stock Exchange. The tribunal proceeded ex-parte, noting the assessee failed to provide evidence to counter the findings of the Ld. CIT(A). The appeal was dismissed, affirming the addition of the sale proceeds as income. Case-Laws Income Tax Tue, 20 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311680