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2015 (6) TMI 289 - AT - Income TaxSale consideration claimed as giving rise to long term capital gains treated as unexplained cash credit u/s.68 by CIT(A)- Held that:- Shares of both the companies, i.e. Shalimar Agro Products Ltd. and G-Tech Info Trading were shown to be held by the assessee in the balance sheet filed with the Department in respect of A.Y 2003-04. There is no material on record to show that the return filed by the assessee showing purchases of these shares in A.Y 2003-04 has ever been disturbed by the Revenue. The Revenue has also not contradicted any of the aforementioned evidence submitted by the assessee to support the impugned transactions. Moreover, under similar facts and circumstances, one of the transactions which was added by the AO in respect of shares of M/s. Robinson Worldwide Ltd., was deleted by Ld. CIT(A) on the ground that it pertains to A.Y 2005-06 has been already deleted by the Tribunal in the case of assessee itself. The facts of that transaction and the impugned transactions are not materially different. Therefore, the impugned transactions in the facts and circumstances of the case are covered by the aforementioned decision of the Tribunal in assessee’s own case in respect of assessment year 2005-06. Respectfully following the said decision of Tribunal given in respect of present assessee with regard to assessment year 2005-06, we are of the opinion that Ld. CIT(A) has committed an error in upholding the addition. - Decided in favour of assessee.
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