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2020 (4) TMI 160 - AT - Income TaxAddition u/s 68 on account of bogus long term capital gain - assessee’s claim of Long Term Capital Gains (LTCG) on sale of those shares - HELD THAT:- On identical facts and circumstances, the assessee`s case is covered by the judgment of Co-ordinate Bench of ITAT Kolkata in the case of Sanjib Kumar Patwari(HUF) [2019 (1) TMI 213 - ITAT KOLKATA] evidences in support of the assessee’s case clearly support the claim of the assessee that the transactions of the assessee were bonafide and genuine and therefore the AO was not justified in rejecting the assessee’s claim of exemption u/s 10(38) of the Act. AO was not justified in assessing the sale proceeds of shares of KAFL as undisclosed income of the assessee u/s 68 of the Act. Ld DR for the Revenue has failed to controvert the findings of the Coordinate Bench (supra) therefore, respectfully following the judgment of the Co-ordinate Bench of ITAT, Kolkata (supra), we deleted the addition - Decided in favour of the assessee.
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