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2018 (10) TMI 1431 - AT - Income TaxAddition made u/s 68 in respect of LTCG on sale of shares of KAFL - claimed as exempted income u/s 10(38) - whether the LTCG on sale of shares of KAFL earned through sale in recognized stock exchange and subjected to payment of STT through a registered share broker, could be treated as genuine or not? - Held that:- As find that SEBI vide its order dated 21.9.2017 had revoked the restraint order banning 244 entities and persons from trading and dealing in securities by giving a categorical finding that they had no role in the manipulation of the scrip of Kailash Auto Finance Ltd. We find that the AO had grossly relied on the interim order passed by SEBI on 29.3.2016 to address the issue before us. In the said interim order of SEBI, restraint orders were issued. Now in the final order dated 21.9.2017, such restraint orders and other bans had been revoked by SEBI itself. Hence the primary reliance placed on a document by the ld AO while framing the assessment goes against the revenue now. We direct the ld AO to delete the addition made u/s 68 of the Act in respect of LTCG on sale of shares of KAFL. Accordingly, the grounds raised by the assessee are allowed.
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