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2012 (1) TMI 220 - ITAT JODHPURUnexplained cash credit u/s 68 - sum credited in books of accounts - Held that:- As per section 68 of the Act where any sum is found credited in the books of an assessee and the assessee offers no explanation, the sum so credited may be charged to income tax as the income of the assessee. In this case, no sum has been credited in the books, as the payment of purchase of shares was made and the sale proceed of shares has been received through bank. Thus, it is proved that the sale proceed is against the purchase of shares. Therefore, the amount cannot be treated as cash credit u/s. 68. See ACIT Versus Shri Raj Kumar Soni [2011 (12) TMI 597 - ITAT JODHPUR] Undisclosed commission payment - Held that:- It is seen that is it very common thing, that a broker has provided the services for purchase and sale of shares and has deducted his brokerage from the sale proceed itself and paid to the appellant the balance amount. Due to this reason, the appellant has not shown payment of brokerage payment. Therefore, the brokerage addition of ₹ 2,250/- made by the AO is deleted.
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