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2018 (1) TMI 991 - AT - Income TaxAddition u/s 68 - genuineness of share transactions - treating the short term capital gain as income from undisclosed sources - Held that:- The relevant documents in the paper book prove beyond doubt the genuineness of sale of equity shares. It is also not disputed that the share of IFCI Ltd were dematized after the purchase and they have been debited from this account at the time of sale. As far as purchase is concerned the shares have been purchased through a registered broker who is a member of Stock Exchange, Bombay having SEBI registration No.INB010005219. For the only reason that the payment of purchase has been made after a lapse of 9 months cannot render the purchase as non genuine unless and otherwise any material is brought on record which could negate this fact. Addition has been made for the unexplained credit but nowhere right from the assessment proceedings and till the proceedings before the appellate authority, revenue authorities have ever doubted the source of amount of sale consideration which the assessee received through banking channel from sale of shares held in Dmat account through the recognized stock exchange which is verifiable from the contract note. Both the lower authorities erred in treating the alleged transaction of sale of equity shares as a sham transaction. - Decided in favour of assessee
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