Genuineness of investment evidence determines LTCG entitlement; non specific regulatory reports cannot displace transaction specific documentary proof.

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....The article addresses challenge to tax additions treating claimed long term capital gains as non genuine and invoking unexplained cash credit and alleged commission additions; it explains that where the assessee produced DEMAT records, bank statements, cheques, share certificates and broker notes and had paid MAT, the authorities erred in rejecting LTCG claim on a generalized SEBI modus operandi suspicion because cited SEBI orders did not pertain to the assessee's transactions; the piece concludes that evidentiary burden requires transaction specific adverse findings and that similar findings apply to the subsequent assessment year, leading to allowance of the appeals.....