Addition u/s 68 sustained as no explanation of nature and source of credit provided

Yuvraj Ahuja Vs DCIT (ITAT Delhi)

ITAT Delhi held that addition of unexplained credit u/s 68 of the Income Tax Act sustained as the appellant failed to provide any explanation with regard to the nature and source of the credit.

Facts- The AO made addition of Rs. 1,25,36,661/- u/s. 68 of the Act. During the assessment proceedings, the AO noticed that the assessee had claimed exemption of Rs. 1,20,98,091/- being LTCG u/s 10(38). The assessee had purchased shares of M/s SMP Securities and M/s SS Corporat

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