Transactions of shares shown as stock-in-trade cannot be treated as unexplained cash credit

ITO Vs Panel Commerce Pvt. ltd. (ITAT Kolkata) ITAT Kolkata held that the transaction cannot be treated as unexplained cash credit under section 68 of the Income Tax Act since the transaction of the shares were shown as stock in trade in assets side of the balance sheet and sale as revenue in profit & loss account. Facts- AO received information that assessee had transacted with shell company M/s Brahma Tradelinks Pvt. Ltd., who was not having any real business activity at all. AO further noted that the genuineness of the transactions and identity, creditworthiness of the party from whom t...