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2020 (8) TMI 168 - AT - Income TaxBogus LTCG - Benefit of exemption u/s 10(38) - long term capital gain arising from sale of shares - exemption as denied to and addition u/s 68 was made holding sale of shares as bogus and sham transaction - HELD THAT:- A perusal of the assessment order in the case of assessee reveal that the Assessing Officer has observed that 3000 shares were jointly held by the assessee and Narayan Ramachandra Rathi. The facts of present case are similar to the facts of case in the case of Narayan R. Rathi decided by the Co-ordinate Bench [2019 (8) TMI 1520 - ITAT MUMBAI]. No distinction in facts has been brought to our knowledge by the Department. Thus, for the parity of reasons, addition made under section 68 of the Act deserves to be deleted. Further, the Assessing Officer is directed to allow the benefit of section 10(38) of the Act to the assessee. - Decided in favour of assessee.
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