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 subst

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