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2023 (6) TMI 78 - AT - Income TaxAddition u/s 68 - Bogus LTCG from share transactions - HELD THAT:- AO has failed to appreciate that the shares were originally acquired in the year 1995 which fall outside the period commencing from January 2011 and ending on January 2015 examine/analysed by the Investigation Wing and/or the AO - The shares under consideration were not purchased by the Assessee and were acquired by way of gift during the relevant previous year. Assessment has been framed on the Assessee without carrying out any independent enquiry or investigation by the AO by merely relying upon the report of the investigation, and on the basis of incorrect understanding of the relevant facts. Accordingly, we overturn the findings returned by the AO and CIT(A) that the transactions entered into by the Assessee resulting in Long Term Capital Gains in the hands of the Assessee in respect of shares of M/s Aricent Infra Limited was not genuine transaction and delete addition u/s 68 - Decided in favour of assessee.
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