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2013 (1) TMI 572 - HC - Income TaxAddition u/s 68 - assessee could not discharge his onus of providing the genuineness of the share transaction - ITAT deleted the addition by assessing the income under the head LTCG as shown by the assessee - Held that:- The assessee was in possession of the shares in question and had sold the said shares in course of ordinary transaction of sale of shares at stock exchange and if the broker did not file any evidence since the same were seized by the Revenue Department, there is no fault lies with the assessee. From the aforesaid facts it is clear that the shares in question were allotted to the assessee in the public issue which were held in demat a/c of Stock Holding Corporation of India Ltd. The shares were transferred to Abhipra Capital Ltd. The sale consideration was received by demand draft. Therefore, the transaction in question cannot be said to be fake and is a genuine transaction. The Tribunal has not committed any error in upholding the order of CIT(Appeals) by deleting the addition - in favour of assessee.
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