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2014 (12) TMI 350 - AT - Income TaxGenuineness of claim of loss – Addition as income from other sources upheld – Sale and purchase in shared - Held that:- The sale and purchase of shares shown by the assessee are supported by documentary evidence which has not been refuted by AO or CIT(A) - The addition is based simply on information according to which the assessee has entered into the transactions with one of the concern engaged in the bogus billing - However, there is no material on record to suggest that the transactions entered into by the assessee were bogus either in the terms of sale and purchase or in the terms of rates at which these shares were purchased and sold - assessee has filed evidence to show that these shares were purchased for a price which were prevalent in the market and payments were made through banking channel and these shares were also sold at the prevalent market rate - These shares were also credited in the D-mat account and have gone out of the D-mat account – following the decision in Chandrakant Babulal Shah Versus AO [2010 (12) TMI 713 - ITAT, Mumbai] - the assessee has proved the genuineness of the share transactions - Decided in favour of assessee.
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