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2018 (2) TMI 1828 - AT - Income TaxBogus share transactions - addition u/s 68 - claim of LTCG disallowed - income from other sources - Held that:- The material available on record clearly indicates that the shares were purchased and sold at the market rate through recognised broker of Security Exchange Board of India. When the assessees established the fact that the shares were purchased on the market rate through recognised broker, it cannot be said that the price of the shares were artificially hiked for earning higher income. The Revenue authorities cannot ignore the material available on record merely because somebody has provided accommodation entry to somebody. The assessment proceeding being a judicial proceeding, the authorities below cannot take into consideration the extraneous matter, which is not relevant to the issue arises for consideration. When the fact that the purchase and sale of shares through recognised stock broker is established and the shares were purchased and sold at market rate, this Tribunal is of the considered opinion that both the authorities below are not justified in disallowing the claim of the assessee. - decided in favour of assessee.
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