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2019 (1) TMI 34 - ITAT DELHIBogus long term capital gain on shares - addition u/s 68 - claim of long term capital gain exemption u/s 10(38) denied - addition made u/s 69C - Held that:- Purchase and sale of shares are documented and exhibited. Sale of shares are carried out in BSE at the prices prevailing in the market which are duly supported by contract notes issued by the broker. The entire transactions have been discarded by the Revenue authorities because the BSE has suspended trading in shares of Turbotech Engineering Pvt Ltd in January 2015. The undisputed fact is that the assessee had sold the shares in the month of July and September 2013, therefore, any action taken in 2015 would not affect the transactions done in 2013. Moreover, neither the SEBI nor the BSE has nullified the transactions done in 2013 in the scrip of Turbotech Engineering Pvt Ltd. Merely because some market players were doing clandestine activities in some scrips in the stock market would not make genuine transactions bogus. Merely because in the report of investigation wing, Kolkata name of Turbotech Engineering Pvt Ltd is mentioned would not make genuine transaction bogus - no direct evidence to demonstrate that the assessee was one of the direct beneficiaries of the accommodation entries provided by the company. Considering all no merit in the impugned additions - allow claim of long term capital gain exemption u/s 10(38) and delete the additions made u/s 69C of the Act. - decided in favour of assessee
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