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2015 (3) TMI 965 - AT - Income TaxIncome from undisclosed sources - transaction of sale & purchase of shares - CIT(A) upheld the action of the AO in treating the income from long term capital gain as income from undisclosed sources on the ground that the whole arrangement or scheme is a money laundering device to convert the unaccounted money and to bring the same into the regular books of account in the garb of exempted long term capital gain on sale of shares - Held that:- Considering the totality of the facts of the case and relying on the decision of this Bench of the Tribunal in the case of Surendra Peety and others (2015 (3) TMI 921 - ITAT PUNE) and considering the fact that assessee has filed the relevant details before the Assessing Officer which have not been proved to be false or untrue and further considering the fact that the broker has not taken the name of the present assessee specifically we find no reason to reject the claim of long term capital gain as claimed by the assessee on account of sale of shares of Database Finance Ltd. We accordingly set-aside the order of the CIT(A) and direct the Assessing Officer to allow the claim of long term capital gain on account of sale of shares of Database Finance Ltd. - Decided in favour of assessee.
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