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2018 (10) TMI 2022 - AT - Income TaxBogus LTCG on sale of shares - addition of the entire sale proceeds of the shares as income and rejected the claim of exemption made u/s 10(38) HELD THAT:- No direct material was found to controvert the evidence filed by the assessee, in support of the genuineness of the transactions. 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. Assessee submits that there is no surviving order of SEBI against the assessee or the company, the script of which was purchased and sold by the assessee. When there is no surviving adverse order of SEBI, disputing the claim of the assessee, the judgment of the Hon’ble Supreme Court [2018 (2) TMI 580 - SUPREME COURT] cannot be applied to the facts of this case. Consequently, the addition made u/s 69C is hereby deleted. Addition in question is deleted and the appeal of the assessee is allowed.
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