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2018 (10) TMI 1913 - ITAT KOLKATAAddition u/s 68 - Addition towards long term capital gains on sale of shares - whether the LTCG on sale of shares of Cressanda Solutions Ltd earned through sale in recognized stock exchange and subjected to payment of STT through a registered share broker could be treated as genuine or not? - conflicting views on an issue for and against - HELD THAT:- As the entire issue with regard to sale of shares of Cressanda Solutions Ltd had been the subject matter of adjudication by this tribunal in the case of Navneet Agarwal, L/H of Later Kiran Agarwal [2018 (8) TMI 509 - ITAT KOLKATA] wherein we are bound to consider and rely on the evidence produced by the assessee in support of its claim and base our decision on such evidence and not on suspicion or preponderance of probabilities. No material was brought on record by the AO to controvert the evidence furnished by the assessee. Under these circumstances, we accept the evidence filed by the assessee and allow the claim that the income in question is a bona fide Long Term Capital Gain arising from the sale of shares and hence exempt from income tax. We direct the ld AO to delete the addition made u/s 68 of the Act in respect of sale consideration of sale of shares and the corresponding addition towards commission income. Accordingly, the grounds raised by the assessee are allowed in all the appeals herein before us. - Decided in favour of assessee.
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