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2015 (9) TMI 695 - ITAT DELHIAddition on account of sale of shares of M/s Indian Realty Ltd - AO was of the view that the assessee merely claimed loss on assets and that the transaction was not genuine - CIT(A) deleted the addition - Held that:- In the present case it is noticed that the assessee itself disallowed all the expenses claimed in the computation of income. The said expenses also included loss of ₹ 6,75,00,000/- which clearly shows that the assessee had not claimed the loss of the shares in its computation of income and even no loss was carried forward. Therefore the addition made by the AO was without any basis, since the assessee never claimed the expenses or the loss of the share against the income. In that view of matter, we are of the view that the ld. CIT(A) has rightly deleted arbitrary addition made by the AO. We do not see any infirmity in the order of the ld. CIT(A) on this issue. - Decided in favour of assessee. Addition made by the AO u/s 68 - CIT(A) deleted the addition - Held that:- In the present case it is noticed that the ld. CIT(A) after verify from the record categorically stated that a sum of ₹ 13,50,000/- was outstanding as on December 2005 as against the said amount a sum of ₹ 5 lac was paid during the year under consideration and the outstanding balance as on 1.4.2008 was ₹ 8,50,000/- which clearly established that the assessee did not receive any amount as a loan from M/s Indian Realtors Pvt. Limited during the year under consideration. In the instant case nothing was brought on record to establish that the amount outstanding as on December 2005 was not genuine therefore, the addition made by the AO for the year under consideration was not justified. Accordingly, we are of the view that the ld. CIT(A) has rightly deleted the impugned addition - Decided in favour of assessee.
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