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2018 (10) TMI 726

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..... cases should be based on evidence and not on generalisation, human probabilities, suspicion, conjectures and surmises. We have in all cases deleted such additions. There is no surviving order of SEBI against the assessee or the company, the script of which was purchased and sold by the assessee. Addition to be deleted - Decided in favour of assessee. - ITA No.817/Kol/2018 - - - Dated:- 5-10- .....

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..... as claimed bogus long term capital gain. He made an addition of the entire sale proceeds of the shares as income and rejected the claim of exemption made u/s 10(38) of the Act. The evidence produced by the assessee in support of the genuineness of the transaction was rejected. 3. The assessee carried the matter in appeal and the ld. CIT(A)-4, Kolkata, had upheld the addition. The ld. CIT(A) has .....

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..... drawn against the assessee. Copy of the report was also not given. 4. Under the circumstances, in a number of cases this bench of the Tribunal has consistently held that decision in all such cases should be based on evidence and not on generalisation, human probabilities, suspicion, conjectures and surmises. We have in all cases deleted such additions. Some of the cases were detailed finding wh .....

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..... 18 of 2017 Punjab and Haryana High Court Pr. C.I.T. (Central)Ludhiana vs Sh.Hitesh Gandhi, 16.02.2017 6. 95 of 2017 Punjab and Haryana High Court Pr. C.I.T. vs Prem Pal Gandhi 18.01.2018. 7. 2281/Kol/2017 ITAT - Kolkata Navneet Agarwal, Legal .....

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..... s 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 cannot be applied to the facts of this case. 7. In view of the above discussion the addition in question is deleted and the appeal of the assess .....

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