2023 (3) TMI 519 - AT - Income Tax

Bogus LTCG - disallowance of exempted capital gain on sale of shares being bogus accommodation entry and addition being unexplained expenses incurred for taking such accommodation entry - CIT-A deleted addition - HELD THAT:- There cannot be any addition to the total income of the assessee of the regular items of income shown in the books of accounts as made by the AO in the present case. As such, the assessee has duly disclosed the income under the capital gain on sale and purchase of the shares of the company namely M/s Sawaca Business Machine Limited. Accordingly, we do not find any infirmity in the order of the learned CIT (A). Hence, we uphold the same. Thus the ground of appeal of the Revenue is hereby dismissed.