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2009 (1) TMI 303 - ITAT CALCUTTA-BUnexplained cash credit - addition u/s 68 - off-market transactions of shares - purchase and sale of shares through registered brokers of CSE through bank, entries have been reflected in the books of account and the brokers have confirmed the transactions. HELD THAT:- It transpires that in a transaction like off-market transactions any enquiry from the stock exchange will not yield result in favour of the Revenue. The Revenue has to see whether the sale has been effected or not as per the documents and as per the acceptance and admission of the respective stock brokers. As it has been assertively argued by the ld AR in this case that both the stock brokers had not denied the transactions and the capital gain has been shown, the AO simply by casting doubt for alleged purchase of house property cannot treat the same as cash credit and cannot take the same in his cash credit. In our considered opinion, suspicion cannot replace the real evidential document. Simply by arguing it to be a case of manipulation the Revenue is not supposed to succeed in their contention without proper evidence. we allow the assessee's second appeal.
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