https://www.taxtmi.com/caselaws?id=768866 The Tribunal dismissed the Revenue's appeal, upholding the Commissioner's decision that reopening the Assessee's case under section 147 was unjustified. The AO had alleged bogus LTCG transactions and added Rs. 8,47,321/- as unexplained income under section 68, disallowing exemption under section 10(38). The Tribunal found that the AO relied on mere presumptions without tangible evidence, while the Assessee provided sufficient documentation including contract notes and bank statements to prove the genuineness of transactions. The Commissioner's deletion of the addition was affirmed as the AO failed to substantiate allegations of price rigging or manipulation. en-us Fri, 29 Nov 2024 00:00:00 +0530 Tue, 15 Apr 2025 08:35:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768866 The Tribunal dismissed the Revenue's appeal, upholding the Commissioner's decision that reopening the Assessee's case under section 147 was unjustified. The AO had alleged bogus LTCG transactions and added Rs. 8,47,321/- as unexplained income under section 68, disallowing exemption under section 10(38). The Tribunal found that the AO relied on mere presumptions without tangible evidence, while the Assessee provided sufficient documentation including contract notes and bank statements to prove the genuineness of transactions. The Commissioner's deletion of the addition was affirmed as the AO failed to substantiate allegations of price rigging or manipulation. Case-Laws Income Tax Fri, 29 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768866