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2022 (5) TMI 501 - AT - Income TaxAddition u/s 68 - bogus LTCG - onus to prove - HELD THAT:- As relying on MRS. PALLAVI PANDEY, SHRI RAJENDRA CHATURVEDI VERSUS DCIT (CC) 2 (3) , MUMBAI [2020 (12) TMI 1276 - ITAT MUMBAI] contract notes in Form-A with two brokers were available and which gave details of the transactions. The contract note is a system generated and prescribed by the Stock Exchange. From this material, Tribunal concluded that this was not mere accommodation of cash and enabling it to be converted into accounted or regular payment. The discrepancy pointed out by the Calcutta Stock Exchange regarding client Code has been referred to. But The Tribunal concluded that itself, is not enough to prove that the transactions in the impugned shares were bogus/sham. The details received from Stock Exchange have been relied upon and for the purposes of faulting the Revenue in failing to discharge the basic onus. If the Tribunal proceeds on this line and concluded that inquiry was not carried forward and with a view to discharge the initial or basic onus, then such conclusion of the Tribunal cannot be termed as perverse. - Decided in favour of assessee.
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