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2023 (8) TMI 136 - ITAT MUMBAIAddition u/s 68 - bogus LTCG on shares - HELD THAT:- Assessee has furnished the financials, details of broker, affidavit and the transactions status and MCA website details of the company. AO has doubted the purchase and sale of shares and observed that the price rigging is not commensurate with the financials of the assessee company. Assessee has substantiated with all details and information and the revenue could not make out a case that there is unaccounted money transactions took place in the hands of the assessee and the AO has relied on the investigation report of income tax department and treated the long term capital gains on sale of shares as not genuine. A.O. has not made any enquiry or independent investigation and relied on the statement of the parties and the assessee’s name is not included in the list of investigation report. The fact remains that the assessee has submitted the requisite details in respect of purchase and sale of shares and were not disproved. The transaction of purchase and sale of shares is through banking channel. Accordingly, addition cannot be sustained and set aside the order of the CIT(A) and direct the assessing officer to delete the additions and allow the grounds of appeal in favour of the assessee.
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