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TMI Blog2024 (1) TMI 1428X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts and in the circumstances of the case as well as in law, the ld. CIT(A) has erred in sustaining the addition of Rs. 25,26,325/- u/s 68 of the I.T. Act, 1961 (the Act), by wrongly presuming the genuine long term capital gain (LTCG) earned from sale of listed shares on the platform of stock exchange and claimed exempted u/s 10(38) of the Act, as non-genuine and arranged LTCG. The additions so made by ld. AO and sustained by ld. CIT(A) is without any lawful basis or finding in respect of transactions of appellant and is grossly wrong, unjustified and contrary to the law. Appellant prays for deleting the same. 2. That on the facts and in the circumstances of the case as well as in law, the ld. CIT(A) has erred in sustaining the addit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal in assessees own case for AY 2014-15 in ITA No. 197/Srt/2023 is filed. 3. On the other hand, the learned Senior Departmental Representative (ld. Sr. DR) for the revenue supported the orders of lower authorities and would submit that the company has share scrips which was purchased by assessee was indulged in providing accommodation entry and the assessee has shown abnormal profit within a span of one or two years which is nothing but a bogus transaction. 4. We have considered the submissions of both the parties and perused the orders of lower authorities carefully. We find that the grounds of appeal raised in the present appeal is identical to the grounds of appeal raised in appeal for A.Y. 2014-15 except the figure of consideration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l (supra) held that where assessee duly proved genuineness of sale transaction by bringing on record contract notes of sale and purchase, bank statement of broker and demat account showing transfer in and out of shares, Assessing Officer was not justified in bringing to tax capital gain arising from sale of shares as unexplained cash credit. I further find that Hon'ble jurisdictional High Court in the case of Parasben Kasturchand Kochar (supra) also held that when assessee discharged his onus by establishing that transactions were fair and transparent and all relevant details with regard to transfer furnished by Income Tax Authority and the Tribunal have also took the notice of fact that the shares remained in the account of assessee, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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