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2019 (4) TMI 1363 - AT - Income TaxAddition u/s. 68 - credits of sale of penny stock - HELD THAT:- Independent findings of the AO, which are corroborated by the information given by the Investigation Wing, the assessee has failed to substantiate the genuineness of alleged share transactions in respect of long term capital gain u/s. 10(38) of the Act. The landmark decision in the case of McDowell and Company Limited, [1985 (4) TMI 64 - SUPREME COURT] are squarely applicable in this case wherein it has been held that tax planning may be legitimate provided it is within the framework of the law and any colourable devices cannot be part of tax planning and it is wrong to encourage or entertain the belief that it is honourable to avoid the payment of tax by dubious methods. However, the case laws cited by the assessee are on distinguished facts, hence, not applicable in the instant case. Assessee has failed to substantiate his claim before the lower revenue authorities as well as before this Bench. CIT(A) has rightly confirmed the addition in dispute, which does not need any interference on our part - Decided against assessee.
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