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2019 (8) TMI 1452 - AT - Income TaxBogus LTCG - Exemption u/s10(38) towards sale of equity shares - case was selected for scrutiny to verify the suspicions long term capital gains on shares in pursuance to the inputs from investigation wing - HELD THAT:- AO has not examined/called for any evidences in respect of purchase/sale of alleged scripts. Assessee is therefore directed to provide all relevant documents to establish sound financial of alleged companies and that fluctuation in price was market driven. AO shall take all evidences into consideration and then decide the issue as per law. In the event de hors statement, there are overwhelming evidences and assessee is unable to establish genuineness of sale and purchase of alledged scripts, adverse view would be taken by holding the transaction to be sham. AO is directed to provide all statements recorded by investigation wing to assessee, referred to in assessment order. In the event, statements recorded are not of secondary and subordinate category, cross examination has to be granted to assessee. AO is directed to re-examine the case of assessee in the light of aforestated direction in accordance with law. Needless to say that proper opportunity shall be granted to assessee to represent its case as per. Assessee’s appeal stands allowed for statistical purposes.
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