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2022 (2) TMI 1376 - AT - Income TaxBogus LTCG - Penny Stocks transactions - share transactions - organized scam/tax evasion activity - HELD THAT:- As the issue involved in the present appeal is duly covered in favour of the assessee in the case of Smt. Renu Agarwal [2022 (1) TMI 1037 - ITAT LUCKNOW] deficient enquiry conducted by the AO and the lack of any independent source or evidence to show that there was an agreement between the Respondent and any other party, prevailed upon the ITAT to take a different view. Before us, DR has not been able to point out any evidence whatsoever to allege that money changed hands between the Respondent and the broker or any other person, or further that some person provided the entry to convert unaccounted money for getting benefit of LTCG, as alleged. In the absence of any such material that could support the case put forth by the Appellant, the additions cannot be sustained. Thus no infirmity in the order of learned CIT(A) as in this case also the necessary evidences were duly filed before Assessing Officer. This fact of having filed the necessary evidences before the Assessing Officer are coming out from the findings of learned CIT(A). In his findings the learned CIT(A) has also noted that the Assessing Officer had not carried out any independent verification and moreover, the broker through whom assessee entered into transactions was also not examined. Decided against revenue.
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