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| The Tax Publishers2019 TaxPub(DT) 6737 (Mum-Trib) INCOME TAX ACT, 1961
Section 68
Assessee had filed complete set of documents, including broker note, bank statements, copy of demat account and other details, to prove that share transaction had been made through proper channel with registered stock brokers and payment for such transaction had been made through proper banking channel. Also, assessee had specifically asked for statements, which were used against assessee to draw adverse inference and also requested for cross- examination of person, who gave the statement but the AO failed to do so, therefore, addition towards unexplained credit under section 68 was not justified.
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Income from undisclosed sources - Addition under section 68 - Sale proceeds of shares - Assesseee furnished necessary evidences
AO received information from Investigation Wing as to assessee having received bogus long-term capital gain on sale of shares. Accordingly, AO treated sale proceeds of shares as unexplained credit under section 68.Held: Assessee had filed complete set of documents, including broker note, bank statements, copy of demat account and other details, to prove that share transaction had been made through proper channel with registered stock brokers and payment for such transaction had been made through proper banking channel. Also, assessee had specifically asked for statements, which were used against assessee to draw adverse inference and also requested for cross-examination of person, who gave the statement but the AO failed to do so, therefore, addition towards unexplained credit under section 68 was not justified.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2014-15
IN THE ITAT, MUMBAI BENCH
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