TMI Blog2010 (2) TMI 1235X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee directed against the order of the CIT(Appeals) Central-III, Mumbai dated 19-11-2008 for the assessment year 2003-04 on the following ground : 1. On the facts and in the circumstances of the case as well as in law Learned CIT(A) has erred in upholding the action of the AO for making addition of ₹ 96,420/- u/s 69C of the I.T. Act, being unexplained expenditure (commission) incurr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... had obtained artificial capital gain by manipulation of share transactions. The assessee obtained back dated purchase bills of the shares and received shares in physical format. The assessee agreed that these allegations were true and declared long term capital gains. The issue in dispute before us is an addition made as unexplained expenditure u/s 69C being 5% of the sale proceeds on the ground t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, ground No. 1 is allowed. 5. Coming to ground No. 2, we find that the assessee has offered the entire sale proceeds to tax. The AO added the purchase cost u/s 69C. When the allegation of the Revenue is that the purchase is a bogus transaction and that the entire sale consideration is nothing but the income of the assessee, then in our considered opinion, no addition could be made u/s 69C. As ..... X X X X Extracts X X X X X X X X Extracts X X X X
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