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2023 (1) TMI 1240 - ITAT JAIPURBogus LTCG - unexplained credit - transactions made in the scrips through the broker - Claim u/s 10(38) denied - HELD THAT:- As decided in Nilesh Agarwal, HUF [2021 (2) TMI 540 - ITAT JAIPUR] AO in the entire assessment order has not made reference to single documentary evidence which can be said to be an incriminating material against the assessee to show that the assessee has availed accommodation entry of bogus Long Term Capital Gain. Therefore, the mere suspicion cannot be a ground for treating the transaction as bogus in the absence of any evidence or material on record. Accordingly, when the assessee has produced all the relevant documentary evidences to establish the genuineness of the transaction and there is no contrary evidence to doubt the correctness of the evidences produced by the assessee then treating the transaction of purchase and sale as sham by the AO is not justified. Therefore, all these facts established the genuineness of the transaction. No error in assessee’s claim of exemption of long term capital gains and the addition made by the AO u/s 68 by treating the Long Term Capital Gain on sale of shares as unexplained cash credit is hereby directed to be deleted. Appeal filed by the assessee is allowed.
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