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2021 (1) TMI 361 - AT - Income TaxBogus LTCG - Addition u/s 68 - Deduction u/s 10(38) denied - LTCG on sale of shares of the scrip with assessee is having acquaintance with the entry provider - HELD THAT:- As relying on MR. RAMPRASAD AGARWAL case [2018 (12) TMI 561 - ITAT MUMBAI] and KAMLA DEVI S. DOSHI [2017 (5) TMI 1578 - ITAT MUMBAI] Assessee has produced the relevant record to show the allotment of shares by the company on payment of consideration by cheque and therefore, it is not a case of payment of consideration by in cash. But the transaction is established from the evidence and record which cannot be manipulated as all the entries are part of the bank account of the assessee and the assessee dematerialized the shares in the D-mat account which is also an independent material and evidence cannot be manipulated. The holding of the shares by the assessee cannot be doubted and the finding of the AO is based merely on the suspicion and surmises without any cogent material to show that the assessee has introduction his unaccounted income in the shape of long term capital gain. The order of the AO treating the long term capital gain as bogus and consequential addition made to the total income of the assessee is not sustainable. - Decided in favour of assessee.
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