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2008 (8) TMI 415 - AT - Income TaxUnexplained cash credit u/s 68 - Genuineness of the purchase and sale of shares - HELD THAT:- AO is not able to make out any material except for presumptions and assumptions to come to the conclusion that the purchase and sale of shares claimed by the assessee are not genuine. More so, in the presence of letter communicated by the broker giving the details of shares purchased and sold on behalf of the assessee, mentioning therein the commission charged by him as well as proceeds available with him for purchase of shares as well as realization of sale proceeds and crediting the same to the bank account of the assessee. Hence, we find that the ld CIT(A)'s order in deleting the additions made by the AO is not infirm in any way requiring any interference. The same is hereby upheld by dismissing the appeal of the Department as not meritorious. In the result the appeal of the Revenue is dismissed.
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