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2019 (1) TMI 276 - AT - Income TaxAddition u/s 68 - bogus long term capital gain - exemption under section 10(38) denied - Held that:- As decided in similar issues in SHRI AMAR NATH GOENKA case [2018 (12) TMI 754 - ITAT DELHI] in the case of the assessee, both twin conditions are satisfied. He has filed copy of the shares certificate with transfer form, copy of debit note issuedc opy of cash receipt, copy of ledger account ,copy of form for evidence for payment of securities transaction tax on transaction entered in a recognized stock exchange and copy of the bank statement of the assessee AO had not produced any evidence whatsoever in support of the suspicion. On the other hand, although the appreciation is very high, the shares were traded on the National Stock Exchange and the payments and receipts were routed through the bank. There was no evidence to indicate for instance that this was a closely held company and that the trading on the National Stock Exchange was manipulated in any manner. A.O. did not mention any fact as to how the claim of assessee was sham or bogus. The assessee thus, satisfied the conditions of Section 10(38) of the I.T. Act - decided in favour of assessee
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