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2018 (10) TMI 431 - AT - Income TaxAddition u/s 68 - addition on “Suspicious transactions” - sale profit of shares - Held that:- As decided in the case of Navneet Agarwal,-vs- ITO, Ward-35(3), Kolkata [2018 (8) TMI 509 - ITAT KOLKATA] AO has not brought on record any evidence to prove that the transactions entered by the assessee which are otherwise supported by proper third party documents are collusive transactions. 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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