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2016 (4) TMI 456 - AT - Income TaxDisallowance of claim of short term capital gain/loss on purchase and sale of shares by treating the same as sham transaction - Held that - The purchase transaction in the case of the assessee is genuine. The assessee has produced complete evidence requires to substantiate the genuineness of the claim of the assessee in respect of purchase transaction. We find that the authorities below have erred in treating the purchase transaction as non-genuine or sham. Since the transaction was off market transaction it could not be carried through CSE rather it is carried through registered broker which was confirmed. The payment was also made and shares were routed through demat account of the assessee. Even evidences clearly proves that the purchase transaction is genuine transaction and consequential loss cannot be denied - Decided in favour of assessee.
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