https://www.taxtmi.com/caselaws?id=776450 The ITAT Chandigarh held that the capital gains from the sale of shares could not be treated as bogus in the absence of any incriminating material found during the search. The only material was a SEBI warning letter cautioning against certain transactions, which did not substantiate the claim that the assessee's transactions were bogus. Since returns were filed before the expiry of the scrutiny period and no relevant evidence was found during the search conducted in 2018, the AO's reliance on unverified information was improper. The CIT(A) correctly concluded that no concrete proof existed to treat the transactions as bogus. Consequently, the Revenue's appeals were dismissed. en-us Mon, 06 Jan 2025 00:00:00 +0530 Fri, 08 Aug 2025 12:39:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776450 The ITAT Chandigarh held that the capital gains from the sale of shares could not be treated as bogus in the absence of any incriminating material found during the search. The only material was a SEBI warning letter cautioning against certain transactions, which did not substantiate the claim that the assessee's transactions were bogus. Since returns were filed before the expiry of the scrutiny period and no relevant evidence was found during the search conducted in 2018, the AO's reliance on unverified information was improper. The CIT(A) correctly concluded that no concrete proof existed to treat the transactions as bogus. Consequently, the Revenue's appeals were dismissed. Case-Laws Income Tax Mon, 06 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776450