Off-Market Share Transactions Backed by Evidence cannot be treated as illegal or sham

Smt. Anjli Pandit Vs ACIT (ITAT Mumbai) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Mumbai bench has overturned additions made by the tax authorities regarding alleged bogus long-term capital gains and unexplained expenditure related to share transactions by assessee Smt. Anjli Pandit. The tribunal’s decision, stemming from a search action initiated in 2006, underscores the importance of documentary evidence and the principle that accepted positions in earlier assessments cannot be arbitrarily disregarded. The case originated from a search conducted on January 24, 2...