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2018 (8) TMI 1747 - AT - Income TaxGain on sale of shares - allegation of taking accommodation taken for the purpose of bogus long-term capital gains to claim exempt income - LTCG or busniss income - Held that:- As decided in NAVNEET AGARWAL, LEGAL HEIR OF LATE KIRAN AGARWAL VERSUS ITO, WARD-35 (3), KOLKATA [2018 (8) TMI 509 - ITAT KOLKATA] we are bound to consider and rely on the evidence produced by the assessee in support of its claim and base our decision on such evidence and not on suspicion or preponderance of probabilities. No material was brought on record by the AO to controvert the evidence furnished by the assessee. We accept the evidence filed by the assessee and allow the claim that the income in question is Long Term Capital Gain from sale of shares and hence exempt from income tax. Addition made u/s 68 - on account of sale of shares in the case of both the assessee - addition u/s 69C is also deleted. Accordingly both the appeals of the assessee are allowed.
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