Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (12) TMI 1960 - AT - Income TaxBogus Long Term Capital Gains (LTCG) - unexplained cash credits u/s 68 - HELD THAT:- The assessee's paper book comprising of all details of its LTCG, copy of its bill in connection with purchase of shares of M/s Surabhi Chemicals & Investments Ltd. and Panchshul Marketing Ltd, bank statement. The said latter entities amalgamated regarding merger with M/s Kailash Auto Finance, contract notes in respect of sale of share of M/s Surabhi Chemicals & Investments Ltd. Similar contract notes regarding M/s Kailash Auto shares sold, bank statement reflecting payment receipts alongwith corresponding demat statements stand perused. Mr. Choudhury relies on hon'ble apex court's decision in Sumati Dayal [1995 (3) TMI 3 - SUPREME COURT] and Durga Prasad More [1971 (8) TMI 17 - SUPREME COURT] that the assessee's explanation in the corresponding backdrop of facts pin-pointing suspicious circumstances has been rightly rejected in both the lower proceedings. It is vehemently argued that assessee has taken LTCG entry in collusion with dubious entry operators. We find no merit in any of these arguments. The fact that remains right from assessment till date is that no such entry operator has named the assessee in any of his such statement nor the Revenue has filed any such evidence to this effect. We adopt the above detailed reasoning mutatis mutandis to delete the impugned sec. 68 addition of bogus LTCG. - Appeal of assessee allowed.
|