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2017 (3) TMI 969 - AT - Income TaxReopening of assessment - long term capital gain from sale of shares treated as undisclosed income of the assessee thereby denying exemption u/s 10(38) - Held that:- Considering the facts in totality including the claim of assessee of the long term capital gain from sale of shares disregarding the direct evidences on record, relating to sale/purchase transactions in shares supported by brokers contract notes, confirmation of receipt of sale proceeds through regular banking channels and demant account, we quash the re-assessment proceedings u/s 147 of the Act and direct the Assessing Officer to treat the surplus as long term capital gain from sale of shares and allow exemption u/s 10(38) of the Act. See case of Pratik Suryakant Shah & others [2017 (2) TMI 463 - ITAT AHMEDABAD] - Decided in favour of assessee
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