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2012 (3) TMI 498 - AT - Income TaxUnexplained cash credit u/s 68 - Held that:- The identity of the brokers has not been doubted. Even if the sale transactions were of off market transactions, the same are properly documented and supported by evidences. The purchase of shares in the preceding assessment year 2006-07 is not doubted by the AO even while finalizing the scrutiny assessment u/s 143 (3) of the IT Act. Since the shares have been reflected in the balance sheet of the preceding assessment year, therefore, genuineness of the purchase of the shares in earlier years should not have been doubted by the AO in the assessment year under appeal particularly when in earlier year the assessment was made in scrutiny. Thus, the above evidence and explanation of the assessee support the case of the assessee that the assessee entered into genuine transaction. The details noted above clearly prove the sources of sales of the shares; therefore, no addition was required to be made u/s 68 of the IT Act.
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