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2021 (2) TMI 1338 - AT - Income TaxAddition u/s 68 - Denial of long term capital gain on sale of shares under section 10(38) - A.R. submits that the assessee is a regular investor and makes investments through registered brokers and thus carries out purchase and sale of equity shares on recognized stock exchange on the screen based online platform and all the conditions for claiming exemption u/s 10(38) of the Act are fully satisfied by the assessee - HELD THAT:- We are not in agreement with the conclusion drawn by the Ld. CIT(A) that the long term capital gain made by the assessee from sale of shares is a non genuine transaction and accordingly we set aside the order of Ld. CIT(A) and direct the AO to delete the addition made under section 68 of the Act and direct the AO to grant exemption under section 10(38) of the Act in respect of long term capital gain. The ground no. 1 to 3 are allowed.
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