Suspicion Can’t Replace Proof- Tribunal Slams Suspicion-Based Additions

Aarti Singal Vs DCIT (ITAT Chandigarh) Apparent is Real: Suspicion Can’t Replace Proof- Tribunal Slams Suspicion-Based Additions- Upholds Genuine Share Transactions Chandigarh Tribunal dealt with a batch of appeals filed by assesses  against orders of CIT(A), Gurgaon, for AYs 2015-16 & 2016-17. The common issue was treatment of Long-Term Capital Gains (LTCG) on listed shares as “bogus accommodation entries” & consequential additions u/s 68 (unexplained credits) & u/s 69C (commission expenditure). Background Assessees had reported substantial LTCG from sale of shares of certa...