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2019 (3) TMI 210 - AT - Income TaxBogus Long Term Capital Gains on purchase and sale of the shares - addition of the entire sale proceeds of the shares as income and rejected the claim of exemption made u/s 10(38) - addition based on evidence or generalisation - “circumstantial evidence” and “human probabilities” - not confronted with any statement or material alleged to be the basis of the report of the Investigation Wing of the department - HELD THAT:- In number of cases this bench of the Tribunal and Jurisdictional Calcutta High Court has consistently held that, decision in all such cases should be based on evidence and not on generalisation, human probabilities, suspicion, conjectures and surmises. In all cases additions were deleted. In the case on hand, all evidences were produced by the assessee. The assessee has filed all necessary evidences in support of the transactions. Some of these evidences are (a) evidence of purchase of shares, (b) evidence of payment for purchase of shares made by way of account payee cheque, copy of bank statements, (c) copy of balance sheet disclosing investments, (d) copy of demat statement reflecting purchase, (e) copy of merger order passed by the High Court , (f) copy of allotment of shares on merger, (g) evidence of sale of shares through the stock exchange, (h) copy of demat statement showing the sale of shares, (i) copy of bank statement reflecting sale receipts, (j) copy of brokers ledger, (k) copy of Contract Notes etc. - Decided in favour of assessee
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