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2021 (6) TMI 965 - AT - Income TaxAddition u/s 68 - Bogus LTCG on sale of shares - denial of assessee claim to the benefit u/s 10(38) - HELD THAT:- Since the Ld. A.O has not indicated or brought on record any evidence which could prove that the assessee(s) are having any link with the alleged brokers/sub brokers/companies or are associated to earn bogus Long Term Capital Gain. We therefore in the given facts and circumstances of the case and respectfully following the judgment of Hon’ble Delhi High Court in the case of PCIT v/s Smt. Krishna Devi & Others [2021 (1) TMI 1008 - DELHI HIGH COURT] and SWATI LUTHRA, SHRUTI LUTHRA, NAMRATA SEHGAL LUTHRA, MS. ASHA LUTHRA [2019 (7) TMI 526 - ITAT DELHI] since the facts and issues raised are similar and assessee has filed necessary documents to prove the genuineness of purchase and sales of equity shares of listed company and also fulfilled the conditions provided u/s 10(38) of the Act and all these documentary evidences have not been found to be non genuine and the source of sale consideration is well supported by contract note issued by the registered broker and shares have been transferred from Demat account which were held for more than 12 months, the assessee is eligible for the exemption u/s 10(38) of the Act for Long Term Capital Gain and thus no addition was called for u/s 68 as well as the addition for estimated brokerage expenses. - Decided in favour of assessee.
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