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2019 (6) TMI 1699 - AT - Income TaxAddition u/s.69A - treating the income under the head ‘Short Term Capital Gain’ declared by the assessee as bogus by applying provision of Section 115BEE and taxing it @ 30% - assessee is a doctor by profession and has declared income by way of income from profession, income from salary and income from other sources - assessee is a doctor by profession and has declared income by way of income from profession, income from salary and income from other sources - HELD THAT:- AO has merely gone by the fact that during the investigation carried out by the Department in Kolkata, one of these scrips were found to be used by brokers for providing accommodation entries, but that material fact alone without any other further inquiry or any other material to link that assessee to be involved in any sham transaction or beneficiary of any accommodation entry. Theoretical discussion made by the AO cannot nail the assessee. The sales turnover of PSIT Infrastructure goes to show that it had the sale turnover at Rs. 328.38 crore in March, 2016 and similarly in case of Pearl Agriculture also sales turnover was Rs. 23.89 crore in March, 2014. Thus, to hold that these companies were purely a paper company without any business credential cannot be accepted. Assessee had dealt in several scrips over the period of time and has been regular investor in shares and has been showing gain and loss in the shares on year to year basis. No other transaction has been doubted except for two small scrips for over all transaction of 1.23 lacs. This goes to show that bona fide and it cannot be held to be that the assessee was involved in some kind of money laundering or any kind of accommodation entry. - Decided in favour of assessee.
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