AO not justified in treating capital gain as unexplained cash credit Where assessee proved genuineness

CIT Vs Maheshchandra G Vakil (Gujarat High Court) HC held that Where assessee proved genuineness of share transactions by contract notes for sale and purchase, bank statement of broker, demat account showing transfer in and out of shares, as also abstract of transactions furnished by stock exchange, Assessing Officer was not justified in treating capital gain arising from sale of shares as unexplained cash credit. FULL TEXT OF THE HIGH COURT ORDER / JUDGEMENT 1. The appellant – revenue has challenged the order dated 31.05.2011 made by the Income Tax Appellate Tribunal (the Tribunal) by prop...