| |
| The Tax Publishers2019 TaxPub(DT) 8146 (Ahd-Trib) INCOME TAX ACT, 1961
Section 68
Since CIT(A) categorically established in his findings that transactions in shares were not correctly declared in books of account of assessee for reason of apprehension of action from SEBI, as one of directors of assessee company was a relative of director of investee company, thus, no reason was there for any interference.
|
Income from undisclosed sources - Addition under section 68 - Transactions in shares were not correctly declared in books of account of assessee for reason of apprehension of action from SEBI -
Revenue challenged order of CIT(A) deleting addition of Rs. 6,75,00,000 made under section 68 on account of unexplained creditors even when explanation of assessee that said credit pertained to certain private company in lieu of purchase of shares from them, was found to be incorrect. Held: It was found that assessee purchased 5 lacs of shares of Parsoli Corporation for a consideration of Rs. 6.75 crore through Parsoli Corporation Ltd. who is also a registered share broker with the BSE and out of these shares 4200 were sold during the year under consideration and assessee declared short term capital gain of Rs. 21,82,462 on sale of these shares. CIT(A) categorically established in his findings that these transactions were not correctly declared in books of account of assessee for reason of apprehension of action from SEBI, as one of directors of assessee company was a relative of director of Parsoli Corporation Ltd.. Thus, there was no reason to interfere in finding of CIT(A).
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
IN THE ITAT, AHMEDABAD BENCH
 SUBSCRIBE FOR FULL CONTENT
|