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| The Tax Publishers2019 TaxPub(DT) 0276 (Guj-HC) Income Tax Act, 1961
Section 68
Addition made by AO under section 68 treating capital gain arising from sale of shares as unexplained cash credit was required to be deleted as genuineness of transactions was proved by contract notes for sale and purchase, bank statement of broker, demat Account showing transfer in and out of shares, as also abstract of transactions furnished by stock exchange.
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Income from undisclosed sources - Addition under section 68 - Unexplained cash credit -
Assessee filed return of income declaring total income including short-term capital gain. AO framed assessment treating capital gain on sale of share declared by the assessee as unexplained cash credit. Held: Genuineness of transactions was proved by contract notes for sale and purchase, bank statement of broker, Demat Account showing transfer in and out of shares, as also abstract of transactions furnished by stock exchange. Accordingly, addition made by AO under section 68 as unexplained cash credit was to be deleted.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. :
IN THE GUJARAT HIGH COURT
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