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Issues involved:
The issues involved in this case are (1) deletion of addition of Rs. 10,12,968/- on account of bogus long term capital gains on sale of shares, and (2) deletion of addition of Rs. 69,000/- made on account of bogus cash loans. Issue 1: Deletion of addition of Rs. 10,12,968/- on account of bogus long term capital gains on sale of shares: The appellant filed her return of income showing total income of Rs. 11,62,863/-, including Long Term Capital Gains of Rs. 9,70,468/- from the sale of shares. The Assessing Officer treated the transaction as bogus, considering it as income from undisclosed sources. The First Appellate Authority deleted this addition after considering the documentary evidences and arguments presented by the appellant. The Revenue challenged this deletion, alleging that fresh evidence was submitted without following proper procedures. However, it was established that no new evidence was presented, and all documents were part of the assessment records. The Tribunal upheld the decision of the First Appellate Authority, dismissing the Revenue's appeal. Issue 2: Deletion of addition of Rs. 69,000/- on account of bogus cash loans: The Assessing Officer added Rs. 69,000/- as income from undisclosed sources due to alleged bogus cash loans. The First Appellate Authority deleted this addition based on confirmation letters and statements from the persons involved. However, during the proceedings, these persons denied giving any loan to the appellant, contradicting the confirmation letters. The Tribunal found that the depositors did not corroborate the appellant's version and upheld the addition of Rs. 69,000/-. Consequently, the appeal filed by the Revenue was partly allowed, and the addition of Rs. 69,000/- was upheld. *(Order pronounced in the open Court on 06.05.2011).*
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