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2011 (3) TMI 1737 - AT - Income TaxClaim for long-term capital gains - Income from undisclosed sources - The assessee claimed deduction u/s 054E. The Assessing Officer was not satisfied with the explanation of the assessee and, therefore, he treated the long-term capital gains shown by the assessee to be the income from other sources by holding that the assessee could not prove the sale of shares and genuineness of the receipt of money. The assessee went in appeal before the CIT(A). The CIT(A) deleted the addition. HELD THAT:- Considering the facts and circumstances and evidence on record, I am of the considered view that the action of the CIT(A) was not correct in confirming the assessment of ₹ 12,19,538/- as the income from undisclosed sources as against the sale consideration of shares declared by the assessee. The CIT(A) was not justified in rejecting the claim of Long Term Capital Gain of the assessee from sale of shares. I accordingly direct the AO to assess the income declared from the sale of shares under the head income from Long Term Capital Gain.
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