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2024 (2) TMI 110 - AT - Income TaxUnaccounted business income - treating the sale proceeds of shares as unexplained cash credits u/s 68 - addition on account of unaccounted business income in respect of selling of the scrip - HELD THAT:- Assessee was majorly dealing with trading activities and that was not disputed at any point of time. As further noticed that the assessee has not claimed any Long Term Capital Gain or Short Term Capital Gain as well as any loss in respect of these trading of shares. From the perusal of purchase and selling of shares/scrip of VAS Infrastructure Ltd., the assessee has given all the details to the Assessing Officer during the assessment proceedings, including the details of brokers, details of transactions, credit notes, D-mat account, transaction details which were not taken into account either by the AO or by the CIT(A). The summons issued to entry provider as per the AO, has nothing to do with the assessee and the said statement was not at all verified by the AO as well as the assessee was not given any opportunity of confronting this statement. The assessee has rightly claimed the said trading as business income and, therefore, the decision of Hon’ble Kolkata High Court in the case of Swati Bajaj [2022 (6) TMI 670 - CALCUTTA HIGH COURT] will not be applicable in the present case. The sale proceeds of shares were properly explained by the assessee through the documentary evidence which was filed before the AO as well as before the CIT(A). AO as well as the CIT(A) was not right in making/confirming the addition to that effect. Decided in favour of assessee.
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