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2018 (11) TMI 805 - AT - Income TaxBogus Long Term Capital Gains on purchase and sale of the shares - claim of exemption made u/s 10(38) rejected - Held that:- The overwhelming evidence filed by the assessee remains unchallenged and uncontroverted. The entire conclusions drawn by the revenue authorities, are based on a common report of the Director of Investigation, Kolkata, which was general in nature and not specific to any assessee. The assessee was not confronted with any statement or material alleged to be the basis of the report of the Investigation Wing of the department and which were the basis on which conclusion were drawn against the assessee. Copy of the report was also not given. There is no surviving order of SEBI against the assessee or the company, the script of which was purchased and sold by the assessee. When there is no surviving adverse order of SEBI, against the claim of the assessee, the judgment of the Hon’ble Supreme Court in the case of Securities and Exchange Board of India vs Rakhi Trading Private Ltd [2018 (2) TMI 580 - SUPREME COURT OF INDIA] cannot be applied to the facts of this case. Addition in question is deleted and the appeal of the assessee is allowed.
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