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2020 (6) TMI 288 - ITAT KOLKATARevision u/s 263 - non-enquiry qua the issue of long term capital gains claimed as exempt u/s 10(38) - Bogus LTCG - as per PCIT's since the AO had failed to examine all factual aspects prima facie indicating lack of genuineness in assessee's long term capital gains - HELD THAT:- We adopt the detailed discussion of M/s. Gitish Tikmani, HUF & Ors. [2019 (9) TMI 1177 - ITAT KOLKATA] mutatis mutandis and hold that PCIT has erred herein whilst doubting genuineness of the assessee's long term capital gains based on all the supporting evidences. Assessing Officer had rightly treated the assessee’s foregoing LTCG derived from sale of shares to be genuine - Assessing Officer had issued sec. 133(6) letter / notice to the M/s SHCL during the course of scrutiny which stood adequately replied in assessee’s favour - relevant factual details in support of the assessee’s share purchase document, contract notes, bank statement, (supra) already in the case records.There is not even an iota of material quoted against the assessee to have been engaged in all the foregoing artificial price rigging. The PCIT's revision directions under challenge are therefore reversed on merits as well. The AO's regular assessment dated 11.01.2016 stands restored as a necessary corollary. - Decided in favour of assessee.
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