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2019 (1) TMI 651 - AT - Income TaxAddition u/s. 68 - unexplained cash credit - during the course of assessment proceedings, when the assessee was asked about purchase and sale of shares, the assessee filed a revised computation of income declared longer capital gain amounting, which was claimed as exempt u/s 10(38) - AO concluded that the transactions were sham and aimed only to bring unaccounted money in the semblance of exempted long term capital gains - Held that:- in this case AO has invoked the Section 68 of the Act on cash deposits found in the bank accounts. It is correct that since no books of account are maintained in the ordinary course of business of the assessee, no such addition u/s 68 of the Act is tenable. Therefore, in my considered opinion the ground in dispute is squarely covered by the decision of the ITAT [2019 (1) TMI 264 - ITAT DELHI] - Decided in favour of assessee.
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