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2022 (2) TMI 1342 - AT - Income TaxUnexplained credits u/s. 68 - bogus long term capital gain - disallowance of claim of exempted long term capital gain on sale of shares - HELD THAT:- Issue on hand is squarely covered by the order of this ITAT in the group case of the assessee i.e. Smt. Meera Alpesh Kanugo [2022 (9) TMI 809 - ITAT AHMEDABAD] held that the claim of the assessee cannot be denied on the basis of presumption and surmises in respect of penny stock by disregarding the direct evidences on record relating to the sale/purchase transactions in shares supported by broker's contract notes, confirmation of receipt of sale proceeds through regular banking channels and the demat account. There is nothing on record which could suggest that the shares were never transferred in the name of the assessee. There is also nothing on record to suggest that the shares were never with the assessee. On the contrary, the shares were thereafter transferred to demat account. The demat account was in the name of the assessee, from where the shares were sold. In our understanding of the facts, if the shares were of some fictitious company which was not listed in the Bombay Stock Exchange/National Stock Exchange, the shares could never have been transferred to demat account. Shri Akash Agarwal may have been providing accommodation entries to various persons but so far as the facts of the case in hand suggest that the transactions were genuine and therefore, no adverse inference should be drawn.Further, the alleged operators have not named the assessee as a beneficiary in their statements. - Decided in favour of assessee.
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