Income Tax Dept fails to Contradict Taxpayer’s Evidence for LTCG from Share Sale: Rajasthan HC Upholds

The Rajasthan High Court upheld the ITAT's order, rejecting the Income Tax Department's attempt to contradict evidence provided by the taxpayer for Long-Term Capital Gains (LTCG) from share sales. The court ruled in favor of the taxpayer, emphasizing the validity of documentary evidence and the principle of fair assessment. This decision reinforces the need for tax authorities to base their actions on concrete evidence rather than assumptions.