https://www.taxtmi.com/caselaws?id=774802 The ITAT Ahmedabad allowed the assessee's appeal against reopening of assessment u/s 147 and addition u/s 68. The AO alleged that accommodation entry providers engaged in synchronized trading in listed company shares to provide bogus LTCG against cash. However, the ITAT found that revenue authorities failed to provide primary evidence regarding accommodation entries received, information available, payment/receipt details, entities involved, bank statements, or proof of amount custody. The findings from searches at premises of two individuals were not properly processed by the Assessment Division, creating an unsustainable addition without tangible evidence of synchronized trading, stocks involved, or transaction dates. en-us Fri, 16 May 2025 00:00:00 +0530 Tue, 15 Jul 2025 08:39:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774802 The ITAT Ahmedabad allowed the assessee's appeal against reopening of assessment u/s 147 and addition u/s 68. The AO alleged that accommodation entry providers engaged in synchronized trading in listed company shares to provide bogus LTCG against cash. However, the ITAT found that revenue authorities failed to provide primary evidence regarding accommodation entries received, information available, payment/receipt details, entities involved, bank statements, or proof of amount custody. The findings from searches at premises of two individuals were not properly processed by the Assessment Division, creating an unsustainable addition without tangible evidence of synchronized trading, stocks involved, or transaction dates. Case-Laws Income Tax Fri, 16 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774802