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2014 (1) TMI 889 - AT - Income TaxAddition made u/s 68 of the Act – Transactions not genuine – Held that:- This is a case of sale of shares - Unlike the case where the assessee issues shares and collects money, in a case of sale of shoes the degree of burden of proof is not the same - In case of sale of shares, one asset i.e. shoes is converted into another asset i.e. cash - No new asset is acquired by the assessee - If sold at a higher rate, the difference is profit subject to tax - if the assessee give the identity of the person it should be sufficient – The decision in CIT vs. Medshave Health Care Ltd. [2010 (2) TMI 120 - DELHI HIGH COURT] - the assessee company had been holding the shares which were sold by it during the year and that it was on this basis that the Commissioner of Income Tax (Appeals) had arrived at a conclusion that there was no reason to hold that the assessee company did not own these shares - there was no reason to hold these transactions to be sham transactions or the credits to be unexplained cash credits – Decided against Revenue.
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