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2015 (11) TMI 1275 - AT - Income TaxAddition under section 68 - CIT(A) deleted the addition - Held that:- the amount received in the bank account of the assesseerespondent as proceeds of sale of shares held as stock-in-trade and investment, cannot be held or treated as unexplained income of the assessee, which would attract addition u/s. 68 of the Act. Especially when these revenue receipts which were received against sale of stock in trade had already been credited to the P & L account and reduced from the investments, then there cannot be further addition on protective basis u/s. 68 of the Act. On the basis of foregoing discussion, we are inclined to hold that the CIT(A) rightly viewed that there was no merit in assessing the impugned amount u/s. 68 of the Act on protective basis in the hands of the assessee when the same has been included in the surrendered amount in the hands of respective assessees and the issue of substantial addition has attained finality. Hence, we are unable to see any ambiguity or impropriety and any reason to interfere with the order of CIT(A) and we uphold the same - Decided against revenue.
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