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2018 (6) TMI 836 - AT - Income TaxCorrectness of exemption claimed u/s 10(38) - LTCG on sale of shares - A.O disallowing the exemption claimed u/s 10(38) and treating the same as unexplained cash credit - whether the purchase of shares are bogus? - Held that:- the facts are mutatis mutandis identical in the case of SMT. SARITA DEVI, AND SMT. NITIKA KUMARI VERSUS INCOME TAX OFFICER WARD-14 (5) , HYDERABAD [2017 (5) TMI 1111 - ITAT HYDERABAD] treating the transactions as bogus, since the very basis for reopening the assessment was not provided to the assessee nor an opportunity was given to cross-examine the socalled Mr. Chokshi AO who conducted survey operation on assessee, much prior to filing of return, did not find any transaction of bogus nature and the f act that the Long Term Capital Gain was accepted do indicate that the transactions are genuine and cannot be held to be ‘sham’ on the basis of so called statement of Mr Mukesh Choksi on 16-01- 2013. The genuineness of statement itself cannot be accepted - There is no basis for treating the said transactions as not genuine. Considering the documents placed on record and the case law relied, we have no hesitation in directing the A.O. to accept the long term capital gains and short term capital gains declared - hence we dismiss the appeals filed by the Revenue and allow the cross objections filed by the assessee.
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