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2019 (12) TMI 577 - AT - Income TaxAddition u/s 68 - Re-opening of assessment - addition of full value of sale proceeds including long term capital gain as accommodation entry based on the statement of the Director of the Company which is engaged in fraudulent billing activities and in the business of providing bogus speculation profit/loss, commodities, profit/loss on commodity trading (through MCX) - HELD THAT:- 0n the basis of detailed inquiries and the material available on record, the AO has made addition and CIT(A) has considered the issue threadbare and after applying various judicial pronouncements reached to the conclusion that assessee has taken accommodation bill which was in the form of credit entry of the books of accounts and credit worthiness of the creditors was not proved. The detailed finding so recorded by the lower authorities are as per material on record. However, nothing was produced before me so as to persuade me to deviate from the finding recorded by lower authorities. Accordingly, do not find any reason to interfere in the order of the lower authorities. Appeal of the assessee is dismissed.
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