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2018 (7) TMI 574 - AT - Income TaxDenial of exemption claimed u/s.10(38) - long term capital gains on sale of certain shares - Held that:- As disputed that statements recorded from these persons and records relied on by the Revenue for disbelieving the claim of the sale of shares, were not put to the assessee. Undisputedly, the sale of shares were through recognized stock exchange and through a recognized stock broker. Question regarding genuineness of the claim of long term capital gains requires to be restored to the ld. Assessing Officer for reconsideration after granting assessee adequate opportunity to substantiate its case. Revenue has to furnish to the assessee all the statements relied on by them. Appeal of the assessee is allowed for statistical purpose.
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