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2010 (2) TMI 1184 - AT - Income TaxBogus Capital gain - ingenuine transactions of shares - AO rejected the assessee’s claim for high price and mere filing of the contract notes could not be accepted as evidence of the genuineness of the transactions, thus assessee has failed to prove the identity of the purchaser - CIT(A) deleted addition - HELD THAT:- CIT(A) has called for the Remand Report and the remand report of the A.O. it was seen that CSE vide their letter had clearly confirmed that the shares of both the companies were listed with the exchange. We find that the genuineness of the transactions of purchase and sales of shares. In the remand report it was clearly mentioned that the transaction has been clearly confirmed by the brokers but also through separate letter issued by the brokers . We find that the CIT(A) has called for the remand report and the inquiries were conducted to ascertain whether or not transactions even though they were conducted on-line it has been duly reported by exchange as required by the guidelines issued by the SEBI. The AO has furnished report wherein it has been mentioned that the brokers and the depository have confirmed the said share transactions. Therefore, we are of the view that the CIT(A) is justified in deleting the same and our interference is not required.
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