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2011 (11) TMI 472 - AT - Income TaxUnexplained credit - surrender value of India Millennium Deposit(IMD) being gifted to assessee - invalid gift on ground that proforma on the reverse side of the bond had not specifically stated that bonds were gifted without any consideration - Held that:- Endorsement made by donor on the reverse side of the certificates is a sufficient proof to the fact that assessee has received the same on 24.02.2003 as a gift and CIT(A) has rightly deleted the additions. It is further observed that AO has brought no evidence on record to show that the deposit in the bank account was the income from other sources of assessee for the year under consideration - Decided in favor of assessee. Long Term Capital gains treated as Unexplained credit - entire transactions of alleged sales and purchases of shares and earning of LTCG is colourable - Held that:- When once the assessee had submitted the complete documentary evidence to prove its transactions of purchase and sale of shares by providing contract notes, demat account and bank transactions and in the absence of any contrary evidence brought on record by AO to treat the said transactions as false or fictitious simply based on the information submitted by Stock Exchange the Revenue authorities is not justified to doubt the genuineness of the transactions. Thus confirming the order of CIT(A) deleting the addition and treating the same as long term Capital Gains - Decided in favor of assessee.
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