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2015 (10) TMI 2299 - AT - Income TaxGenuineness of the transaction - Sale proceeds of shares in Bolton Properties Ltd. received by the appellant as income from undisclosed sources - assessee claimed the same as exempt under section 10(38) - Held that:- Considering the fact that some of the transactions were off marked transaction cannot be a ground to treat the transaction as a sham transaction. We are of the considered opinion that the assessee has discharged its onus of proving the fact that shares were purchased by the assessee in the year 2002 which were dematerialized in the Demat account of the assessee on 23/5/2003 and therefore these shares were held by the assessee up till the same were sold from the Demat account of the assessee. The transaction of holding shares are reflected in the Demat account and the sale of shares are also through Demat account and consequently the transaction cannot be doubted as sham or bogus transaction. Hence, we delete the addition made by the AO on this account. The orders of the authorities below qua this issue are set aside. - Decided in favour of assessee.
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