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2011 (7) TMI 1295 - AT - Income TaxAssessment u/s 153A - Unexplained LTGC - Relying upon the report of SEBI, AO treated the Long Term Capital gain declared by the assessee as income from undisclosed sources - CIT(A) confirmed such order - HELD THAT:- Since in our considered opinion the SEBI on which the Revenue placed reliance is not applicable to the facts of the present case. On the other hand, the undisputed facts which was admitted by the Revenue are that the assessee has submitted the requisite details and evidences including copies of contract notes, demat account, bank statements etc. which was filed before the AO to substantiate the genuineness of the Long term capital gain which was dis-regarded by the AO by linking with the SEBI’s report. It is further observed that the Revenue has not brought any material on record to the effect that neither the assessee nor the family members of the assessee are responsible for inflation/deflation of the share market which is evident from the share transactions submitted by the assessee. It is further observed that the AO has simply added the long term capital gain and commission ignoring the evidences which was already available with the Revenue authorities. Keeping in view of the above facts we are of the considered view that the ratio laid down by the Hon’ble Apex Court in the case of SUMATI DAYAL VERSUS COMMISSIONER OF INCOME-TAX [1995 (3) TMI 3 - SUPREME COURT], on which the Revenue has relied is not at all applicable to the present facts. Therefore, we set aside the orders of the Revenue authorities. Also, the Revenue’s presumption is based on suspicion, capricious and probabilities and without any contradictory material against the one submitted by the assessee in respect of genuineness of the transactions - Decision in favour of Assessee.
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