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2018 (3) TMI 584 - AT - Income TaxBogus long term capital gain - unexplained cash credit u/s. 68 - Held that:- In support of claim of LTCG, the assessee has provided all the documents relating to sale and purchase which have taken place only through banking channel and are supported by contract note from HDFC Securities and the shares of Unno Industries Ltd. being listed shares on stock-exchange were filed by the assessee before the AO. The shares of assessee were sold through HDFC Securities Ltd. at Bombay Stock Exchange and assessee received sale consideration from HDFC Securities Ltd. after payment of STT and brokerage. However, the AO has not brought on record any material to support its finding that there has been collusion/ connivance between the broker and the assessee for the introduction of assesses own unaccounted money. LTCG claimed by the assessee is resulting from purchases made directly from the seller through a/c payee cheque based on actual delivery of shares, the transaction for sale is through registered broker on the floor of the stock exchange. LTCG of ₹ 33,63,368/- is fully supported by evidence, which in my considered opinion needs to be allowed. The assessee has justified the LTCG as a genuine and bonafide transaction the cost of ₹ 1,14,686/- shall also be allowed as a deduction from the sale consideration. Hence, the enhanced addition is deleted.
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