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Addition u/s 68 without cogent material is unsustainable
Case Law Details
- Case Name
- Sabbirali Alimiya Saiyed Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Ahmedabad
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Sabbirali Alimiya Saiyed Vs ITO (ITAT Ahmedabad)
ITAT Ahmedabad held that addition u/s 68 alleging bogus capital gain simply on the basis of some report finding unearthed in case of third party without cogent material is unsustainable
Facts-
The assessee during the year claimed exempted long term capital gain of ₹ 2,54,86,714/- on sale of 7,60,003 shares of M/s Alpha Graphics India Ltd (M/s AGIL).
The AO observed that the assessee has purchased 5 lakh shares of M/s AGIL dated 20th June 2011 @ ₹ 12 per share having face value of ₹ 10 per share which were dematerialized dated 16th November...
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