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2012 (8) TMI 452 - ITAT, MUMBAITreating the sale consideration as bogus cash credits - Held that:- Not only that assessee also had number of transaction including speculation profits in stock market and conduct of assessee shows that he is a regular investor. In the absence of any specific information about assessee’s transactions being bogus, the general inquiry made by the Department in a particular broker’s case cannot be accepted at face value that assessee’s transactions are also bogus - There were letters about the delivery of shares and sub Division of Shares and these evidences against the same broker cannot be ignored. As the CIT (A) extracted the cross examination, incidentally by the same AR, in another case with reference to another broker who is not at all connected to assessee’s transactions and confirmed the action of AO. Therefore it is a fit case to restore the matter to the file of AO to examine the contentions - in favour of assessee for statistical purposes.
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