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2011 (5) TMI 1050 - AT - Income TaxClaim of the assessee - capital gain - unexplained credit under the provisions of section 068 - HELD THAT:- the assessee filed a paper book containing 36 pages, which, inter alia, include the demat account statement showing purchase of shares through M Bhiwaniwala & Co. and sales through Ashok kumar Kayan, Broker note for the sale of the shares of Shree Nidhi Trading Ltd., Working of long term capital gain exempt u/s 010(38) and Form 10DB as proof of payment of security transaction tax. The Counsel of the assessee submitted that on doubts and suspicion, AO treated the capital gain of ₹ 36,71,882/- declared on sale of share as unexplained credit u/s 068 and the ld. CIT(A) rightly directed the AO to treat the same as capital gain. Therefore, the view taken by the ld. CIT(A) be upheld. In the result, the appeal of the Revenue is dismissed.
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