Tribunal Overturns LTCG Addition Due to Lack of Evidence, Rules Assessing Officer's Decision Unsustainable.

Tribunal Overturns LTCG Addition Due to Lack of Evidence, Rules Assessing Officer's Decision Unsustainable. https://www.taxtmi.com/highlights?id=76952 Addition u/s 68 r.w.s. 115BBE - Bogus LTCG - The Tribunal examined the transactions and found that the entire addition made by the Assessing Officer was based on surmises and conjectures. It emphasized that there was no evidence to support the characterization of the transactions as sham or bogus. Referring to precedent and the circumstances of the case, the Tribunal concluded that the addition made by the Assessing Officer was not sustainable. en-us Mon, 29 Apr 2024 07:30:52 +0530 Mon, 29 Apr 2024 07:30:52 +0530 TaxTMI RSS Generator Tribunal Overturns LTCG Addition Due to Lack of Evidence, Rules Assessing Officer's Decision Unsustainable. https://www.taxtmi.com/highlights?id=76952 Addition u/s 68 r.w.s. 115BBE - Bogus LTCG - The Tribunal examined the transactions and found that the entire addition made by the Assessing Officer was based on surmises and conjectures. It emphasized that there was no evidence to support the characterization of the transactions as sham or bogus. Referring to precedent and the circumstances of the case, the Tribunal concluded that the addition made by the Assessing Officer was not sustainable. Highlights Income Tax Mon, 29 Apr 2024 07:30:52 +0530 https://www.taxtmi.com/highlights?id=76952