Addition u/s 68 as accommodation entries - long term capital ...

Section 68: Unsupported Suspicion Can't Justify Bogus Transaction Claims on Share Sale Gains with Valid Documentation Provided.

February 13, 2021

Case Laws Income Tax AT

Addition u/s 68 as accommodation entries - long term capital gain on sale of shares as sham/bogus transaction - Mere suspicion cannot be a ground for treating the transaction as bogus in the absence of any evidence or material on record -when the assessee has produced all the relevant documentary evidences to establish the genuineness of the transaction and there is no contrary evidence to doubt the correctness of the evidences produced by the assessee then treating the transaction of purchase and sale as sham by the AO is not justified - AT

View Source

← Previous Next →

Addition u/s 68 as accommodation entries - long term capital ...

Section 68: Unsupported Suspicion Can't Justify Bogus Transaction Claims on Share Sale Gains with Valid Documentation Provided.

February 13, 2021

Case Laws Income Tax AT

You may also like:

Bogus LTCG on shares - Addition u/s 68 - Transactions in Shares - For making an addition holding that transaction are bogus, the LD AO should have made inquiries on the...

Addition u/s 68 - Bogus share transactions - penny stock purchases - The facts of the case and the evidences clearly support the claim of the assessee that the...

Bogus LTCG - Addition u/s 68 - bogus penny stock transaction - suspicion v/s facts - disallowing the exemption u/s 10(38) - The assessee has demonstrated with...

Addition u/s 68 - bogus LTCG on sale of shares - The purchase of shares and the sale of shares were also reflected in Demat account statements. The sale of shares...

Addition u/s 68 - share application money received as unaccounted cash credit - identity and creditworthiness of the share subscribers and genuineness of the transaction...

Bogus share transactions were alleged, and the Assessing Officer (AO) denied the assessee's claim for exemption u/s 10(38) by treating the sale consideration of shares...

Addition u/s 68 - Bogus share capital and share premium received. The assessee failed to prove the identity and creditworthiness of the subscriber companies and the...

Unexplained cash credits u/s 68 were added due to assessee's failure to discharge onus regarding bogus share capital including premium receipts. Despite filing...

In this case, the Income Tax Appellate Tribunal (ITAT) examined the additions made by the Assessing Officer (AO) regarding long-term capital gains (LTCG) from share...

Addition u/s 68 - share capital issued at the premium - unexplained cash credit - Assessee has fully discharged its onus cast under section 68 of the Act and proved the...

Addition u/s 68 - bogus share transactions - as alleged transactions in shares, “penny stock” are fraudulent and accommodation entries - The Appellate Tribunal noted...

Addition u/s 68 on account of bogus long term capital gain - AO was not justified in rejecting the assessee’s claim of exemption u/s 10(38) of the Act. AO was not...

Bogus LTCG - bogus share transaction - As in so far as cancellation of registration of sub-broker by the NSE through whom the assessee had sold shares of Buniyad...

Addition u/s 68 - Transaction for transferring the shares as discussed above has taken place in the subsequent years. This transaction can create a doubt/suspicion about...

Addition of bogus sales - difference in opinion between learned Members constituting the bench - The appellate tribunal (Third Member) addressed the dispute arising from...

Quick Updates: