https://www.taxtmi.com/caselaws?id=750652 The ITAT allowed the appeal filed by the assessee, overturning the decisions of the AO and CIT(A) that classified transactions in shares of Finalysis Credit and Guarantee Co. Ltd. as fraudulent. The Tribunal found the transactions genuine, supported by complete documentation and conducted through authorized channels, dismissing the lower authorities' reliance on assumptions and lack of concrete evidence. The Tribunal emphasized that fluctuations in share prices did not inherently indicate fraud, thereby affirming the legitimacy of the assessee's declared long-term capital gains and rejecting the addition of unexplained money under Section 69A. en-us Wed, 20 Mar 2024 00:00:00 +0530 Wed, 27 Mar 2024 08:29:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750652 The ITAT allowed the appeal filed by the assessee, overturning the decisions of the AO and CIT(A) that classified transactions in shares of Finalysis Credit and Guarantee Co. Ltd. as fraudulent. The Tribunal found the transactions genuine, supported by complete documentation and conducted through authorized channels, dismissing the lower authorities' reliance on assumptions and lack of concrete evidence. The Tribunal emphasized that fluctuations in share prices did not inherently indicate fraud, thereby affirming the legitimacy of the assessee's declared long-term capital gains and rejecting the addition of unexplained money under Section 69A. Case-Laws Income Tax Wed, 20 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750652