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2022 (4) TMI 103 - AT - Income TaxAddition u/s 68 - unaccounted money has been brought in to purchase alleged penny stock - HELD THAT:- Assessee has brought to our notice the fact that the shares were sold in the range of ₹ 47.45 to 49.95 per share on the stock exchange though the price of share of the company subsequently rose up to ₹ 103 per share as on 01-10-2015 i.e. almost three years after the appellant sold his shares. Therefore, from the facts it is seen that the assessee has held the shares for a substantially long period of time before selling its shares during F.Y. 2012-13. AO has not doubted the purchase of shares from the Bombay Stock Exchange. While making the additions, the ld. Assessing Officer has not brought any material how the assessee has brought its own unaccounted money for the acquisition of the shares specially when the purchase of shares was not doubted and shares have been sold on Bombay Stock Exchange - Assessing Officer has not brought on record statement of any persons through whom assessee’s own unaccounted money has been brought in. Appellant has held the shares for over 13 years and it would be incorrect to treat sale of shares as bogus merely on the basis of suspicion and on account of fact that a substantial quantum of capital gains has been made by the assessee. In the present case, no material has been brought on record to suggest that purchase and sale of shares were bogus. Assessing Officer has not brought any material to support his finding that there has been collusion or connivance between the broker and the assessee for the introduction of his own unaccounted money. In the present case, the transaction of purchase and sale of shares were duly supported by contract note, demat account and payments were made through banking channel. - Decided in favour of assessee.
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