| The Tax Publishers2019 TaxPub(DT) 1870 (Del-Trib) : (2019) 176 ITD 0576 : (2019) 201 TTJ 0432 INCOME TAX ACT, 1961
Section 68
Any raw information available with AO could not be loosely called as books of account under section 68. Also, mere share sale which was not akin to receipt of gift, loan, share capital, advance, etc., could not be subjected to addition under section 68 and that too, without affording opportunity of cross-examination to assessee of those persons whose statements were recorded by investigation wing at assessee's back.
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Income from undisclosed sources - Addition of share sale proceeds under section 68 - Basis statement recorded by investigation wing -
AO, on the basis of statements recorded by investigation wing in case of alleged entry operators, treated share sale proceeds as unexplained cash credit in assessee's hands and accordingly made addition under section 68.Held: Any raw information available with AO could not be loosely called as books of account under section 68. Also, mere share sale which was not akin to receipt of gift, loan, share capital, advance, etc., could not be subjected to addition under section 68 and that too without affording opportunity of cross-examination to assessee of those persons whose statements were recorded by investigation wing at assessee's back.
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