https://www.taxtmi.com/caselaws?id=60249 ITAT CALCUTTA-B ruled in favor of the assessee, overturning the CIT(A)-Siliguri's decision that invoked section 68 of the IT Act to treat a capital gain of Rs. 9,68,972 as unexplained cash credit. The Tribunal found that the assessee provided sufficient documentation, including de-mat account movements and bank transactions, to substantiate the legitimacy of the transactions. The Tribunal emphasized that mere suspicion by the AO, unsupported by evidence, could not invalidate the documented transactions conducted through registered brokers of the Calcutta Stock Exchange. en-us Fri, 16 Jan 2009 00:00:00 +0530 Wed, 01 Nov 2023 15:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60249 ITAT CALCUTTA-B ruled in favor of the assessee, overturning the CIT(A)-Siliguri's decision that invoked section 68 of the IT Act to treat a capital gain of Rs. 9,68,972 as unexplained cash credit. The Tribunal found that the assessee provided sufficient documentation, including de-mat account movements and bank transactions, to substantiate the legitimacy of the transactions. The Tribunal emphasized that mere suspicion by the AO, unsupported by evidence, could not invalidate the documented transactions conducted through registered brokers of the Calcutta Stock Exchange. Case-Laws Income Tax Fri, 16 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60249