Forgot password
New User/ Regiser
⇒ Register to get Live Demo
2007 (2) TMI 159 - HC - Income Tax
Long term capital gains - transactions of sale of shares, purchase was never challenged by the Revenue - Tribunal also took into consideration that it was only on the basis of a presumption that the AO concluded that the assessee had paid cash and purchased the cheque - No such presumption could be drawn by the AO, merely on surmises and conjectures - absence of any cogent material - AO can not reopen the assessment & can not add income as unexplained income