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2018 (10) TMI 1646 - AT - Income TaxBogus Long Term Capital Gains on purchase and sale of the shares - claim of exemption made u/s 10(38) denied - "rules of suspicious transaction” - HELD THAT:- No direct material was found to controvert the evidence filed by the assessee, in support of the genuineness of the transactions. In other words, the overwhelming evidence filed by the assessee remains unchallenged and uncontroverted. The entire conclusions drawn by the revenue authorities, are based on a common report of the Director of Investigation, Kolkata, which was general in nature and not specific to any assessee. The assessee was not confronted with any statement or material alleged to be the basis of the report of the Investigation Wing of the department and which were the basis on which conclusion were drawn against the assessee. - Decided against revenue
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