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| The Tax Publishers2019 TaxPub(DT) 1362 (Del-Trib) INCOME TAX ACT, 1961
Section 68
Since no books of account were maintained in the ordinary course of business of assessee, no addition under section 68 was tenable.
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Income from undisclosed sources - Addition under section 68 - Assessee not maintaining books of account in ordinary course of business -
AO made addition under section 68 on account of alleged bogus long-term capital gain on sale of shares. Assessee's case was that no books of account were maintained in the ordinary course of business of assessee.Held: Section 68 is applicable only where unexplained cash credits are found in books of account maintained by assessee. Since no books of account were maintained in the ordinary course of busienss of assessee in the instant case, no addition under section 68 was tenable.
Relied:Inder Singh v. ITO [ITA No. 1931/Del/2016, dt. 5-12-2018]
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2014-15
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