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2019 (5) TMI 1694 - AT - Income TaxBogus unexplained cash credits - Short Term Capital Loss (STCL) arising from sale of shares after payment of Security Transaction Tax (STT) - HELD THAT:- Addition as per respective stands of the parties. There is hardly any dispute that Revenue has placed on reliance of the circumstantial evidence on statement of an alleged entry operator indicating artificial rigging of scrip prices in issue. AO as well as CIT(A) are of the view that the said clinching evidence in the nature of search statement make it clear that the assessee’s STCL is not genuine. DR places strong reliance on hon'ble apex court’s landmark decisions in Sumati Dayal vs. CIT [1995 (3) TMI 3 - SUPREME COURT] and CIT vs. Durga Prasad More [1971 (8) TMI 17 - SUPREME COURT] that suspicious circumstances highlighted in the lower appellate discussion extracted hereinabove deserves to be upheld as per the human probabilities by removing all blinkers. This tribunal’s co-ordinate bench’s decision in Mahavir Jhanwav vs. ITO [2019 (3) TMI 210 - ITAT KOLKATA] holds that such circumstantial carries no significance - Decided in favour of assessee.
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