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2024 (1) TMI 859 - ITAT AHMEDABADAddition u/s 68 - bogus LTCG on shares - sharp scrips gain/prices - HELD THAT:- The assessee has purchased this scrip on 02.04.2012 and this fact was undisputed. There was exorbitant scrip increase in the period from 20.04.2012 to 27.12.2014 and prior to the suspension to the BSE Stock of the said scrip assessee has sold these shares on exorbitant market price. AO has doubted the genuineness of the purchase as well, therefore, the impact on market price while selling the said shares was doubted throughout by the Revenue. In fact, the purchase of said scrip appears to be bogus in nature as the scrip when having share price of Rs. 17.45 was purchased by the assessee at Rs. 20 per share. The reliance of the decision of Udit Kalra [2019 (4) TMI 834 - DELHI HIGH COURT] categorically treated the said scrip as non-genuine and bogus. The assessee’s claim for LTCG cannot be simply proved on the Demat statement but the very effect of the price purchased and price sold of the said scrip determined the same. In fact, the brokers’ credibility was also doubted by the Assessing Officer and for which the assessee has not given any explanation before any of the Authorities. Thus, the Assessing Officer and the CIT(A) has rightly denied the LTCG exemption u/s 10(38) of the Act to the assessee. Appeal of the assessee dismissed.
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