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2023 (1) TMI 613 - ITAT AHMEDABADBogus LTCG - Disallowance of exemption claimed u/s. 10(38) - SEBI order in the case of the scrip traded in by the assessee - CIT-A deleted addition - HELD THAT:- ITAT, Jaipur Bench SH. PRAKASH CHAND SHARMA, SMT. KALAWATI SHARMA [2020 (11) TMI 902 - ITAT JAIPUR] in an identical case of addition made of bogus long term capital gains arising in trading of shares of the same scrip as in the present case, i.e “MFTL”, wherein ITAT deleted the addition on the basis of the final order of the SEBI. The facts and circumstances of the caseare identical to the present case. DR was unable to point out any distinguishing fact, and therefore, the said decision is squarely applicable to the present case. CIT(A) ‘s order deleting the addition in the present case is fortified by the said decision of the ITAT. As for the decision of the Hon’ble Calcutta High court in the case of Swati Bajaj [2022 (6) TMI 670 - CALCUTTA HIGH COURT] assessee has rightly distinguished the same on facts pointing out that in those case there was no reference to any order of SEBI in the scrips traded in. That accordingly the Hon’ble High Court had dealt with the issue on merits referring to the financials of the scrips not supporting the high prices at which it were sold and accordingly holding that the assessee in such circumstances was required to establish the genuineness of the transactions. DR was unable to controvert the factual distinction pointed out by the Ld.Counsel for the assessee as above. We agree therefore, in the light of the factual distinction, that the decision of the Hon’ble Calcutta high court is not applicable in the present case. No infirmity in the order of the Ld.CIT(A) deleting the addition made on account of alleged bogus long term capital gains - Appeal of the Revenue is dismissed.
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