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2021 (3) TMI 927 - AT - Income TaxGain on sale of long term asset (shares) - year of assessment - Denial of exemption u/s. 10(38) - contention of the assessee is that it purchased the impugned shares in the year 1999-2000 and converted it into Demat account during the year 2006-07, as such no adverse inference could be drawn against the assessee - HELD THAT:- In this case, the assessee has not produced the requisite evidence to show that he has purchased the shares in the year 1999-2000. Being so, in our opinion, it is proper to remit the issue in dispute to the file of AO with a direction to the assessee to substantiate its claim that he purchased the shares in 1999-2000 by producing the copies of certificates in physical form and also members register with Shilpa Medicare Ltd. at the relevant point of time supported by requisite statutory forms filed by Shilpa Medicare Ltd. before the concerned Registrar of Companies. With these observations, the issue is restored to the AO for fresh consideration, after affording opportunity of being heard to the assessee. Appeal of the assessee is treated as allowed for statistical purposes.
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