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2023 (1) TMI 925 - AT - Income TaxAddition u/s 68 - Bogus LTCG claimed by the assessee - CIT-A Allowed the appeal of the assessee - HELD THAT:- AO has not doubted the purchase of shares were through banking channels. The assessee has placed on record copies of contract memos in connection with purchase and sale of shares. Appellant has held the shares for over 3 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 or that the trading in respect fo the said share was suspended for some time on the stock exchange. In the present case, no material has been brought on record to suggest that purchase and sale of shares were bogus. AO 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, despite the assessee’s specific request, no opportunity of cross examination was provided to the assessee on the basis of whose statements reliance has been placed to hold that the sale of shares was sham / bogus -CIT(A) has not erred in law and in facts in allowing the assessee’s appeal.
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