TaxTMI 
TaxTMI 
2026 (5) TMI 843
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....e assessee is twofold, firstly against the addition made u/s. 68 of the Act for bogus long term capital gain at Rs. 40,88,160/- and for the addition u/s. 69C of the Act at Rs. 1,22,645/- for the alleged commission expenses incurred for arranging bogus long term capital gain. 3. At the outset, ld. Counsel for the assessee submitted that assessee has earned long term capital gain from sale of Equity shares of ACI Infocom Ltd. He submitted that the shares have been held for more than 12 months and have been sold on the recognised stock exchange and that the assessee has fulfilled all the necessary conditions as provided u/s. 10(38) of the Act. He further submitted that both the lower authorities have erred in alleging the genuine long term ....
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....onditions prescribed u/s. 10(38) of the Act has been fulfilled by the assessee. I note that under similar set of facts and circumstances this Tribunal in the case of Kamal Khetan (supra) dealing with very same issue of bogus long term capital gain from the sale of Equity shares of ACI Infocom Ltd. has examined the facts and judicial precedents and has held that sale of shares of ACI Infocom Ltd. as a genuine long term capital gain eligible for exemption u/s. 10(38) of the Act. Relevant finding of the Tribunal reads as under : "10. We have carefully considered the rival submissions and perused the relevant finding given in the impugned orders and material available on record and also the case laws cited have also been taken into acc....
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....entry; or SEBI has found some discrepancy in manipulation of price in stock exchange or found something irregular leading to inference that this scrip was used for the benefit of person indulging in buying and selling of the shares and banning the trade of the scrip; or the company itself has been investigated and found to be indulged in such activity; or some direct evidence or material is found implicating assessee. Then preponderance of probability goes against the assessee that documents filed by the assessee cannot be conclusive. Presumption can be based against the assessee if all such factors are brought on record and not on some general report of Investigation Wing. Such report can be triggering point but not conclusive unless some ....
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....hat onus as cast upon revenue to corroborate the impugned additions by controverting the documentary evidences furnished by the assessee and by bringing on record, any cogent material to sustain those additions, could not be discharged by the revenue. The allegation of price rigging / manipulation has been levied without establishing the vital link between the assessee and various entities as stated by AO being exit providers. 13. In this backdrop and facts and circumstances of the facts on record and lack of inquiry by the AO, we are of the view that the addition is not justified based on conjecture and surmise and the assessee is discharged primary onus which lay upon it. The Revenue, on the other hand, could not dislodge the per....