Genuine Share Transactions Backed by Evidence valid despite Allegations against Broker

ITO Vs Shaleen Khemani (ITAT Kolkata) Income Tax Appellate Tribunal (ITAT), Kolkata, has dismissed the appeal filed by the Income Tax Officer (ITO) against Shaleen Khemani. The tribunal upheld the order of the Commissioner of Income Tax (Appeals) [CITA], which had earlier ruled in favor of the assessee. The core issue revolved around the Assessing Officer’s (AO) decision to treat the proceeds from the sale of shares received as a gift by the assessee as undisclosed income. The ITAT found that the AO’s action was based on conjecture and lacked any concrete legal evidence to support ...