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2018 (3) TMI 1619 - AT - Income TaxAddition made on account of LTCG by treating the same as income from other sources - Assessee has shown LTCG from sale of 6000 shares of M/s HPC Biosciences Limited and the same has been claimed as exempt u/s. 10(38) - Held that:- The assessee has submitted all documentary evidences in support of sale and purchase of shares. However, the entire transaction is through Banking channel and the rejection by the AO as well as CIT(A) as bogus long term capital gain has not basis, hence, the claim of long term capital gain should be allowed - lower authorities relied upon the statement recorded by Investigation Wing, Kolkatta which has no nexus to the assesssee’s case. It is also noted that lower authorities made the addition u/s. 68 as unexplained credit instead of long term capital gain as claimed by the assessee, however, the source identity and genuineness of the transaction having been established by documentary evidences and there is no case for making addition u/s 68. - decided in favour of assessee
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