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Income Tax - Highlights / Catch Notes

Home Highlights January 2024 Year 2024 This

Addition u/s 68 - bogus sale proceeds of shares - Since, the ...

Income Tax

January 18, 2024

Addition u/s 68 - bogus sale proceeds of shares - Since, the assessee has only dealt with the above transaction after receiving the shares thru “will” from his mother, he has nothing to offer any explanation. AO has proceeded to make the addition based on the various statements of the operators. At the same time, he has not brought on record how the assessee is involved in the above transaction except trading in the stock exchange. He has not established any relationship with any of the operators. - AT

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