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2019 (9) TMI 1177 - AT - Income TaxRevision u/s 263 - guienity of long terms capital gains - HELD THAT:- It has come on record that the Assessing Officer had issued sec. 133(6) letter / notice to the M/s SHCL during the course of scrutiny which stood adequately replied in assessee’s favour. Coupled with this, all the relevant factual details in support of the assessee’s share purchase document, contract notes, bank statement, (supra) already in the case records. CIT-DR fails to rebut the clinching fact that although the PCIT’s detailed discussion extracted in the preceding paragraphs has sought to make out a case of artificial price rigging between the assessee, promoters entry operators of the entity in light of Ministry of Finance’s letter dated 24.07.2015 figures, there is not even an iota of material quoted against the assessee to have been engaged in all the foregoing artificial price rigging. We are observing in view of all these facts that the Assessing Officer had rightly accepted the assessee’s LTCG keeping in making the overwhelming evidence forming part of records. In case of CIT vs. Lakshmargarh Estate & Trading Co. Ltd. [2013 (2) TMI 825 - CALCUTTA HIGH COURT] and CIT vs. Bhagwati Prasad Agarwal [2009 (4) TMI 138 - CALCUTTA HIGH COURT] have accepted genuineness of similar LTCG. Since the issue is covered by all the foregoing decisions of hon'ble jurisdictional high court, we observe that the Assessing Officer had rightly treated the assessee’s foregoing LTCG derived from sale of shares to be genuine - We therefore reverse the PCIT’s order under challenge and restore the impugned assessment framed by the Assessing Officer - decided in favour of assessee.
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