Addition u/s 68 not sustainable where whole transaction supported by adequate & reliable evidences

Brief of the Case Mumbai ITAT held In the case of ITO vs. Ms. Khalil M. Bharwani that the whole transaction of purchase and sale of shares giving rise to long term capital gain has been duly explained step by step and supported by adequate and reliable evidence. The observation of the Assessing Officer that the transaction is not genuine and is engineered with a sole intention to show long term capital gain which is liable to a lower rate or income tax has been duly rebutted and refuted by tendering sufficient evidence and therefore AO can only provoke a suspicion, much less a belief about th...