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2023 (4) TMI 83 - AT - Income TaxDeduction claim as selling expenses while computing the long term capital gain on transfer/sale of shares - CIT-DR vehemently argued that the CIT(A)'s herein has erred in deleting the impugned addition despite the fact that it is a clearcut instance of the assessee having availed/given accommodation entries of bogus compensation to the foregoing twin entities - HELD THAT:- It emerges from the CIT(A)'s detailed discussion that he has given much a weightage to the search action involving the recipient entities followed by the post-search enquiries and assessment in their respective cases to observe that the same had not yielded any incriminating material so far as the impugned claim is concerned. All this constrains us to observe that the CIT(A) ought to have independently examined the genuineness of the assessee's impugned claim in light of the above prima facie suspicious circumstances rather than discussing the search action in case of the twin recipient companies wherein the instant issue neither emanated from the alleged incriminating material nor there was any dispute to the said limited extent. Faced with this situation, we deem it appropriate that the CIT(A) needs to re-examine this sole issue independently vis-à-vis genuineness of the assessee's claim in the given facts and circumstances afresh - Revenue's sole substantive ground succeeds for statistical purposes.
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