Tribunal held that the assessee has filed primary evidences like broker’s ledger, contract notes issued by the broker, bank statement, STT paid etc. The general report/statements relied upon by the AO in no way incriminates the assessee. AO is directed to delete the addition made as cash credits and to allow the exemption under s. 10(38) on sale of shares. (AY. 2015-16)
Sheela Ashok Bafna v. ITO (2024) 231 TTJ 889 / 38 NYPTTJ 483 (Mum) (Trib)
S. 68 : Cash credits-Long term Capital gains-Report from Investigation Wing-STT paid-primary documents to prove purchase/allotment of shares i.e., share certificate, bank statement highlighting the payment made for purchase of shares, demat statement, etc,-AO is directed to delete the addition and to allow the exemption under s. 10(38) on sale of shares. [S. 10(38), 45]
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