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2023 (3) TMI 1039 - ITAT MUMBAIBogus LTCG - Addition u/s 68 - disallowance of exemption of long-term capital gains claimed u/s 10(38) - treating the share transaction as non-genuine - HELD THAT:- As not only Sunrise Asian Ltd but the exit providers were also found to be involved in manipulative trade practices by the SEBI. Further, Mr. Vipul Bhat in his statement had admitted and confirmed that all the entities controlled and managed by him are mere bogus paper companies and he is involved in providing accommodation entry on a commission basis. Thus, not only Sunrise Asian Ltd but Conart Traders Ltd and Santoshima Tradelinks also, whose shares were initially purchased by the assessee in physical form, were found to be belonging to Mr. Vipul Bhat in the present case. Accordingly, we find no infirmity in the findings of the AO, which were confirmed by CIT(A) - Decided against assessee. Disallowance of set off of carry forward business losses u/s 72 - HELD THAT:- Though the issue of non-quantification of business loss declared by the assessee in his return of income was raised before the learned CIT(A), however, in absence of any evidence to support the contention during the appellate proceedings, CIT(A) dismissed the ground filed by the assessee. AO has also not quantified the loss claimed by the assessee. Accordingly, we deem it appropriate to remand this issue to the file of AO for quantification of loss and set off of same, if any, as per law. As a result, ground No. 3 raised in assessee's appeal is allowed for statistical purposes.
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