https://www.taxtmi.com/caselaws?id=751242 The ITAT Raipur dismissed the revenue's appeal challenging deletion of addition made under Section 68 for alleged bogus LTCG on shares. The assessee had fully cooperated by providing necessary documentation and producing the investor company's director before the AO. The Tribunal held that mere findings regarding unchanged share capital and insufficient income of the investor cannot solely characterize transactions as bogus. The AO failed to disprove the identity, creditworthiness of the investor company, and genuineness of the transaction with material evidence. The addition was deemed arbitrary and based on preconceived notions, making it unsustainable. en-us Mon, 08 Apr 2024 00:00:00 +0530 Wed, 10 Apr 2024 09:38:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751242 The ITAT Raipur dismissed the revenue's appeal challenging deletion of addition made under Section 68 for alleged bogus LTCG on shares. The assessee had fully cooperated by providing necessary documentation and producing the investor company's director before the AO. The Tribunal held that mere findings regarding unchanged share capital and insufficient income of the investor cannot solely characterize transactions as bogus. The AO failed to disprove the identity, creditworthiness of the investor company, and genuineness of the transaction with material evidence. The addition was deemed arbitrary and based on preconceived notions, making it unsustainable. Case-Laws Income Tax Mon, 08 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751242