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2023 (6) TMI 1116 - AT - Income TaxAddition u/s 68 - addition of notional commission (2% of the accommodation entry) - HELD THAT:- Respectfully following the decision in the case of Sohanraj Uttamchand [2018 (2) TMI 2087 - ITAT CHENNAI] in which it was held that since the transaction of scrips of M/s. PFL Infotech Ltd took place in recognized stock-exchange which is not under the control of assessee; [viz the shares were purchased and sold in Bombay Stock Exchange in the open market from unknown and unconnected persons;] and the transactions are supported by contract notes and consideration has passed through the banking channel, merely based on the abnormal ups and down in the share market of this scrip cannot be a ground to disallow the LTCG claim of the assessee. Therefore, the impugned action of the Ld. CIT(A) is set aside and the addition made by the AO u/s 68 and 69C of the Act are directed to be deleted. Decided in favour of assessee.
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