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2021 (4) TMI 1376 - ITAT INDOREBogus LTCG - exemption of Long Term Capital Gain u/s 10(38) arising from sale of equity shares of listed company denied carried out through a recognized stock exchange and shares been transferred through Demat account - HELD THAT:- As regards the judgment of Hon’ble Supreme Court in the case of Suman Poddar [2019 (11) TMI 1237 - SC ORDER] we find that Hon’ble High Court of Delhi in its recent judgment in the case of PCIT V/s Krishna Devi & Others [2021 (1) TMI 1008 - DELHI HIGH COURT] dealing with the similar issue of claim of exemption u/s 10(38) of the Act for Long Term Capital Gain from sale of equity shares has duly considered the judgment of Hon’ble Supreme Court in the case of Suman Poddar V/s ITO (supra) and has confirmed the order of the Tribunal stating it to be the last fact finding authority who on the basis of evidence brought on record has rightly came to the conclusion that the lower tax authorities are not able to sustain the addition without any cogent material on record. Dinesh Ramesh Vardhan [2020 (8) TMI 405 - ITAT MUMBAI] and Ashok Agrawal [2020 (11) TMI 650 - ITAT JAIPUR] the alleged transaction of earning Long Term Capital Gain from sale of equity shares of M/s Sunrise Asian Limited is neither bogus nor sham and thus eligible for exemption u/s 10(38) of the Act and no addition was thus called for u/s 68 of the Act. Decided in favour of assessee.
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