Addition u/s. 68 justified as revenue exhibited transaction as bogus: ITAT Ahmedabad

ITO Vs Neetaben Snehalkumar Patel (ITAT Ahmedabad) ITAT Ahmedabad held that addition under section 68 of the Income Tax Act justified as revenue duly exhibited the credit entry as sham or bogus and assessee failed to establish genuineness of the same. Facts- The case was selected for scrutiny on the ground “suspicious transaction relating to long term capital gain on shares (inputs from Investigation Wing)”. In the course of assessment, the AO made various enquiries. Post inquiry, AO issued a detailed show cause notice asking the assessee to explain as to why the total sale value of Rs.33,...