TMI Blog2018 (12) TMI 1880X X X X Extracts X X X X X X X X Extracts X X X X ..... for off-line purchase, nor is the case of direct purchase. Neither is the assessee s name coming out in the Investigation report, which has been received by the ld. AO from Directorate of Investigation, Kolkata. This being so, the claim of assessee cannot be disallowed merely on presumptions and the ld. Assessing Officer is directed to grant the assessee benefit of exemption u/s.10(38) of the Act as claimed in respect of long term capital gains generated by purchase and sale of shares of M/s.NCL Research Limited and M/s.RISA International as claimed by the assessee. - Decided in favour of assessee. - I.T.A.Nos.2299, 2300, 2301/Chny/2017 - - - Dated:- 18-12-2018 - SHRI GEORGE MATHAN AND SHRI INTURI RAMA RAO, JJ. Appellant by : Mr.D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... through M/s.Global Capital Market ,Member BSE and STT was paid on this transaction also. The assessees had made about ₹ 10 lakhs to ₹ 14 lakhs profits in the transaction and each had claimed long term capital gains. The ld. Assessing Officer on the ground that he had received certain report from the Directorate of Investigation, Kolkata wherein organized racket of generating bogus entries of long term capital gains exempt from tax had been found, treated the transaction done by the assessee as bogus and non-genuine and consequently disallowed the claim of exemption u/s.10(38) of the Act and treated the same as undisclosed income u/s.68 of the Act. It was a submission that the transactions had been done by the assessee between 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on identical directions, the issue in these appeals can also be restored to the file of ld. Assessing Officer. 5. We have considered the rival submissions. A perusal of the assessment order clearly shows that this is not a case where the ld. Assessing Officer has been able point out where the assessee has made a bogus claim of long term capital gains exempt u/s.10(38) of the Act. Further, perusal of the assessment order clearly shows that from page-1, para-3 to para 5.3, the ld. Assessing Officer has only made allegation in respect of these two companies and the modus operandi of the bogus claim u/s.10(38) of the Act. The evidences clearly show that the transactions of purchase and sale of the shares by the assessees herein are through o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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