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2018 (11) TMI 1842 - AT - Income TaxBogus LTCG - companies were engaged in issuing bogus bills to assessee for providing long term capital gain/loss, speculation loss/profit etc. - AO has mainly placed his reliance on the statement given by Shri Mukesh Choksi.[accommodation entry provider] - CIT-A deleted the addition - HELD THAT:- It cannot be denied that the shares have been physically received by the assessee, since they have entered the demat account of the assessee. Thus, the demat account of the assessee proves the existence of shares in the hands of the assessee. Further, the assessee has sold those shares through another broker named M/s Kotak Securities Ltd. These facts, in our view, proves that the statement given by Shri Mukesh Choksi that his group has provided only accommodation entries is wrong and against the facts available on record. We notice that the assessee has furnished demat account of the assessee and further she has purchased the shares by making payment through banking channels. It was not denied that the demat account shows the transactions of purchase and sale of shares. All these facts show that the very reason, on which the AO made the impugned addition would fail. The various case laws relied upon by the assessee support her claim. Accordingly we are of the view that the Ld CIT(A) was justified in deleting the impugned addition made by the AO. - Decided in favour of assessee.
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