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2021 (10) TMI 1238 - AT - Income TaxBogus LTCG - Unaccounted share transaction - exemption u/s 10(38) denied - addition primarily on the ground that M/s Alliance Intermediaries and Network Pvt. Ltd. through whom the assessee has carried out transaction of purchase and sale of shares belongs to Mukesh Chokshi group - HELD THAT:- Once, the assessee has discharged his onus to substantiate that the shares were purchased against payment and the shares were duly received/credited to the DMAT account; on sale, shares were debited from DMAT account of the assessee and the payment was credited to the bank account of the assessee and that the shares were transacted at floor of BSE, the transaction cannot be held to be non genuine merely on the basis of statement made by third part, more so, when no opportunity to cross examine the person making the statement is afforded to the assessee. Revenue has not been able to controvert above findings of the CIT(A). We find no reason to interfere with the well reasoned order of the CIT(A) in deleting the addition. Therefore, the appeal of the Revenue lacks merit - Decided in favour of assessee.
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