https://www.taxtmi.com/caselaws?id=448401 The Gujarat HC upheld ITAT's decision deleting addition made by AO treating sale proceeds of shares as bogus income under section 68. The Tribunal found that shares of Sunrise Asian Ltd. sold by assessee were genuine and exemption under section 10(38) was properly claimed. AO's presumption lacked corroborating evidence to establish non-genuine transactions. The assessee held shares for two and half years before sale, supporting genuine long-term capital gains treatment. SEBI had not found the shares to be rigged. The HC decided against revenue, confirming ITAT's factual findings. en-us Tue, 02 Jan 2024 00:00:00 +0530 Wed, 23 Oct 2024 16:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448401 The Gujarat HC upheld ITAT's decision deleting addition made by AO treating sale proceeds of shares as bogus income under section 68. The Tribunal found that shares of Sunrise Asian Ltd. sold by assessee were genuine and exemption under section 10(38) was properly claimed. AO's presumption lacked corroborating evidence to establish non-genuine transactions. The assessee held shares for two and half years before sale, supporting genuine long-term capital gains treatment. SEBI had not found the shares to be rigged. The HC decided against revenue, confirming ITAT's factual findings. Case-Laws Income Tax Tue, 02 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448401