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2018 (10) TMI 726

Rejection of Long Term Capital Gains on purchase and sale of the shares - claim of exemption made u/s 10(38) rejected - AO concluded that the assessee has claimed bogus long term capital gain - Held that:- 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, conje .....

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that he had earned Long Term Capital Gains on purchase and sale of the shares of M/s Blueprint Securities Ltd.. The AO based on a general report and modus operandi adopted generally in these cases and on general observations has concluded that the assessee has 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 exe .....

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as 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. 4. Under the circumstances, in a number of cases this bench of the Tribunal has con .....

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rem Pal Gandhi 18.01.2018. 7. 2281/Kol/2017 ITAT - Kolkata Navneet Agarwal, Legal Heir of Late Kiran Agarwal vs ITO,Ward35(3),Calcutta 20.07.2018 5. I am bound by the proposition of law laid down in these case law. They are squarely applicable to the facts of the case. The ld. Departmental Representative, though not leaving his ground, could not controvert the claim of the ld. Counsel for the asse .....

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