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2021 (7) TMI 1198 - AT - Income TaxAssessment u/s 153A - Addition on account of gain on sale of investment - HELD THAT:- Following the order passed by coordinate bench of Tribunal in case of Sameer Gupta and Bhawna Gupta [2017 (8) TMI 1544 - ITAT DELHI] confirmed by Hon’ble Delhi High Court in CIT vs Kabul Chawla [2015 (9) TMI 80 - DELHI HIGH COURT] we are of the considered view that when the capital gain earned from the sale of shares were already recorded in the books of accounts and no “incriminating material” was found during the course of search operation on “Jakson Group” being run by Sameer Gupta, Bhawana Gupta and Sandeep Gupta, addition made on the basis of sole statement of Sandeep Gupta is not sustainable in the eyes of law, particularly when all the transactions qua sale of shares and capital gain earned during the year under consideration have been duly recorded in the books of accounts. - Decided against revenue.
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