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2021 (8) TMI 638 - AT - Income TaxAssessment u/s 153A - Addition on account of gain on sale of investment - HELD 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. So, in these circumstances we find no illegality or perversity in the impugned order passed by Ld. CIT (A), hence, appeal filed by the revenue is hereby dismissed.
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