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2019 (8) TMI 740 - AT - Income TaxBogus LTCG - bogus accommodation entries - HELD THAT:- Assessee has filed voluminous evidence in support of acquisition/sale of the shares in issue. The mere effect that assessee’s lives at far away destination is no ground to dispute the same in view of the above overwhelming details. The assessee’s brokers found also appeared before the Assessing Officer to support his case in response to section 133(6) notices. Coming to demat issue (supra), the assessee’s paper book pages 15 to 16 contains the relevant contract notes regarding the scrip’s market value statement particulars as well as purchase and sales details. We find that the Revenue has not placed on record any cogent evidence regarding the accommodation entry nexus between assessee, his brokerage firm and the two other firms such namely M/s. Sikaria Shares and Stock Broking Services and M/s Hira Commodities and Derivatives Pvt. Ltd. There is not even a single transaction between the assessee and the other two brokerage firms. The relevant assertion that the SEBI has also penalized the brokerages firms for price, does not carry any substance since the relevant order dated 12.04.2010 involves times between 17.08.2004 to 31.03.2005 whereas we are concerned with the assessee’s allotment of shares much later i.e. on 04.02.2012 (pages 65 to 77). There is further no issue about the correctness of the corresponding amalgamation details. We conclude in these peculiar facts that the assessee has sufficiently discharged his onus of proving genuineness of the impugned share transactions in the lead assessment years. Coming to the later assessment years, both the lower authorities alleged that the assessee was involved in artificial rigging of share prices in collusion with entries. We repeat herein as well as that there is no such nexus proved with the help of cogent details which could be lead us to the conclusion of the assessee having derived non-genuine share profits. This tribunal’s coordinate bench decision in Navneet Agarwal vs. ITO [2018 (8) TMI 509 - ITAT KOLKATA] has analyzed the entire factual/legal position to decide the very issue against the revenue. We adopt the above detailed reasoning mutatis mutandis to delete the impugned bogus long-term capital gain addition in both these assessee’s appeals before us. - decided in favour of assessee
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