LTCG on sale of share cannot be treated as unexplained credit merely for SEBI inquiry on Broker of assessee

  1. The common issue raised in these appeals relates to treatment of long term capital gains as cash credit u/s 69C of the Act. Assessees also questioned the validity of the re-assessment. However, the same is not pressed and therefore, dismissed as not pressed. 2. Referring to the core issue ie addition u/s 69C of the Act, Ld AR for the assessee submitted that the assessees purchased 3000 shares each of M/s. Ramakrishna Fincap Ltd in the year 2003 @ Rs. 3.12 per share. The same were sold in 2005 at the sale price of Rs. 157.30 involving a broker named M/s. Basant Periwal & Company i...