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2018 (10) TMI 53 - AT - Income TaxAddition u/s 68 - bogus long term capital gain addition - assessee has derived his long term capital gain under issue from a dubious route of rigging in value of his shares in the two scrips - Held that:- My attention is invited time and again to the fact that DIT(Investigation) has found some entry operators spread throughout the country to be indulged in such kind of business by rigging scrips’ prices. Find no merit in all these contentions raised at the Revenue’s behest. The fact remains that there is not even a single evidence or material against the assessee apart from mere assumptions and presumptions hereinabove. As decided in Navneet Agarwal vs ITO [2018 (8) TMI 509 - ITAT KOLKATA] held that we are bound to consider and rely on the evidence produced by the assessee in support of its claim and base our decision on such evidence and not on suspicion or preponderance of probabilities. No material was brought on record by the AO to controvert the evidence furnished by the assessee. Under these circumstances, we accept the evidence filed by the assessee and allow the claim that the income in question is a bonafide Long Term Capital Gain arising from the sale of shares and hence exempt from income tax. - Decided in favour of assessee.
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