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2020 (12) TMI 1182 - AT - Income Tax
Bogus LTCG - Addition u/s 68 - HELD THAT:- The issue is squarely covered by the decision of co-ordinate Bench in the case of Mukesh B. Sharma [2019 (5) TMI 1845 - ITAT MUMBAI] as held CIT-A was not justified in upholding the action of the ld AO in bringing the sale proceeds of shares of GIFL [Global Infratech and Finance Ltd.] as unexplained income of the assessee treating the same as just an accommodation entry. Consequentially, the addition made towards commission on such accommodation entry at the rate of 5% is also hereby directed to be deleted. - Decided in favour of assessee.