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2018 (7) TMI 2149 - RAJASTHAN HIGH COURTBogus LTCG - share transactions made through broker - non-genuine transaction - HELD THAT:- Issue decided in Smt. Pooja Agarwal [2017 (9) TMI 1104 - RAJASTHAN HIGH COURT] wherein held Simply mentioning that the findings are in the appraisal report and appraisal report is made by the Investing Wing after considering all the material facts available on record does not help much. AO has failed to prove through any independent inquiry or relying on some material that the transactions made by the appellant through share broker were non-genuine or there was any adverse mention about the transaction in question in statement of broker. Simply because in the sham transactions bank a/c were opened with HDFC bank and the appellant has also received short term capital gain in his account with HDFC bank does not establish that the transaction made by the appellant were non genuine. Considering the share transactions made through broker cannot be held as non- genuine. Consequently denying the claim of short term capital gain made by the appellant before the AO is not approved. AO is therefore, directed to accept claim of short term capital gain as shown by the appellant - Decided in favour of assessee.
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