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2023 (3) TMI 341 - AT - Income TaxReopening of assessment u/s 147 - Addition stating bogus LTCG claimed u/s 10(38) in the ROI held to be income from undisclosed sources - HELD THAT:- During the course of assessment proceedings, AO noted that the assessee had purchased 50 shares of unlisted company M/s. Ranisati Commotrrade Pvt. Ltd. for a very meager amount of Rs.500/- in cash from M/s. Pushpanjali Commotrade Pvt. Ltd., Kolkata and then got converted these shares through amalgamation into shares of M/s Blueprint Securities Limited and received as humongous long term capital gain. AO observed that the assesee has not dealt in any other trading activities in shares or made investment on other shares during the year under consideration and thus claimed capital gain as exempted u/s 10(38) which has been treated by the AO as undisclosed income of the assessee. Conclusively the AO held that the amount introduced/credited by the assessee out of these purported share sales receipts during the year under consideration as her income from undisclosed sources and thus computed the bogus LTCG claimed u/s 10(38). Since the issue raised by the assessee is covered to the case of Nilesh Agarwal, HUF, vs ITO [2021 (2) TMI 540 - ITAT JAIPUR] therefore, we do not concur with the findings of the CIT(A) and thus the appeal of the assessee is allowed.
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