Court Rejects Addition u/s 68 for Alleged Bogus LTCG; Evidence Shows Legitimate Share Transactions via Banking Channels.

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....Bogus LTCG - Addition u/s 68 - bogus penny stock transaction - suspicion v/s facts - disallowing the exemption u/s 10(38) - The assessee has demonstrated with substantial evidences before the AO that the actual purchase and sale of the shares took place, such shares had distinctive numbers, the transactions were routed through the normal banking channels and the shares had been allotted to the assessee subsequently under an order of amalgamation/merger by the judgment of Hon’ble High Court of Kolkata and, therefore, mere reliance on the report of Investigation Wing and statement of a Person which do not even mention the name of the assessee, in our considered opinion cannot be upheld. - AT....