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2018 (10) TMI 1969 - AT - Income TaxBogus long term capital gain - Addition based on “circumstantial evidence” and “human probabilities”- addition of the entire sale proceeds of the shares as income and rejected the claim of exemption made u/s 10(38) - evidence produced by the assessee in support of the genuineness of the transaction was rejected - HELD THAT:- 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. Copy of the report was also not given. Under the circumstances, in a number of cases this bench of the Tribunal has consistently held that decision in all such cases should be based on evidence and not on generalisation, human probabilities, suspicion, conjectures and surmises. Appeal of assessee allowed.
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