Tax Tribunal Upholds Long-Term Capital Gains Exemption, Rejects Bogus Claim Due to Lack of Contradictory Evidence.

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....The assessee provided documentary evidence supporting the purchase and subsequent sale of shares leading to long-term capital gains (LTCG). The evidence included purchase bills, bank statements showing payment, demat account reflecting share holdings, online sale through a recognized broker with contract notes, and receipt of sale proceeds in the bank account. The Assessing Officer (AO) treated the LTCG as bogus based on statements from third parties involved in providing accommodation entries, denying exemption u/s 10(38). However, the AO failed to produce any incriminating material or evidence contradicting the assessee's documents. Mere uncorroborated statements from third parties cannot render a transaction bogus without cogent contrary.........