https://www.taxtmi.com/caselaws?id=456021 ITAT Ahmedabad ruled in favor of the assessee regarding bogus long-term capital gain allegations under section 68. The Revenue failed to provide specific evidence of cash exchange or the assessee's involvement in price rigging of shares. The assessee discharged the burden under section 68 by providing documentary evidence of identity, genuineness, and creditworthiness. The court held that income cannot be deemed bogus based solely on third-party findings without specific evidence against the particular assessee. Additionally, denial of cross-examination opportunity violated natural justice principles. The addition was deleted and exemption under section 10(38) was allowed. en-us Tue, 16 Aug 2022 00:00:00 +0530 Sat, 22 Jun 2024 07:16:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456021 ITAT Ahmedabad ruled in favor of the assessee regarding bogus long-term capital gain allegations under section 68. The Revenue failed to provide specific evidence of cash exchange or the assessee's involvement in price rigging of shares. The assessee discharged the burden under section 68 by providing documentary evidence of identity, genuineness, and creditworthiness. The court held that income cannot be deemed bogus based solely on third-party findings without specific evidence against the particular assessee. Additionally, denial of cross-examination opportunity violated natural justice principles. The addition was deleted and exemption under section 10(38) was allowed. Case-Laws Income Tax Tue, 16 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456021