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2015 (3) TMI 1338 - AT - Income TaxBogus share transaction - Unexplained cash credit for Capital Gains - correct head of income - treatment of gain arising on the transaction of sale, purchase of shares - to be assessed under the head income from long term capital gains as per the assessee or income from other sources as determined by the authorities below - Addition on the basis statement of third party and evidence collected by the department - non giving opportunity of being heard as well as cross examining the person concerned - Held that:- As decided in case of Smt. Smita P. Patil & Ors. Vs. ACIT [2013 (7) TMI 950 - ITAT PUNE] the transaction was with regard to purchase of shares of M/s. Fast Track Entertainment Ltd., which in turn were purchased through the share broker M/s. DPS Shares and Securities Ltd. and the Tribunal had accepted the said transaction as genuine. The transaction of purchase and sale of shares of M/s. Fast Track Entertainment Ltd. was a genuine transaction and the claim of long term capital gain was allowed in the hands of the assessee therein. In the totality of the above we direct the Assessing Officer to compute the income in the hands of the assessee under the head ‘income from long term capital gains’. - Decided in favour of assessee.
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