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2013 (10) TMI 423 - AT - Income TaxGenuineness of transaction - Capital loss suffered by the assessees on sale of shares was not genuine – Held that:- Both the parties submitted that the matter may be restored to the file of the AO with direction to frame the assessments de novo, after discarding the evidence of Shri Ashok Gupta, on the basis of other evidence on record, and after giving opportunity of hearing to the assessee - It shall be in the interest of justice to restore these issues to the file of the AO with direction to frame de novo assessments in these cases, after discarding the evidence of Shri Ashok Gupta, on the basis of other material/evidence and after allowing sufficient opportunity of hearing to the assessees.
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