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2015 (8) TMI 213 - AT - Income TaxAddition on account of bogus long term capital gains - CIT(A) deleted the addition - Held that:- CIT(A) has rightly observed that the Assessing Officer is misconceived in her conclusions that off market share dealings are not permissible in demat account. Both market and off market share transactions are by law, permitted to be credited to and debited to the demat account. Ld. CIT(A) has also observed that documents also indicate that the transaction(s) cannot be on accommodation entry. Therefore, Ld. CIT(A) opined that the assessee succeeds in this ground. In view of the above, we find that Ld. CIT(A) has rightly deleted the addition - Decided in favour of assessee. Addition regarding fresh unsecured loans - CIT(A) deleted the addition - Held that:- CIT(A) has observed that in the present case after having given the names and addresses, apart from the PAN and some cases even copies of return of income of the credits, it is held that the assessee has discharged the burden placed on him. We find that Ld. CIT(A) has rightly further observed that once the said details were available before the AO, he could have made enquiries, such as issuance of notices under section 131 or 133(6) to obtain the bank accounts of the said credits. We find that Ld. CIT(A) by following the judgment of CIT vs. Orissa Corporation (1986 (3) TMI 3 - SUPREME Court ) has held that the assesse deserves to succeed. CIT(A) has rightly deleted the addition - Decided in favour of assessee.
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