Addition u/s. 68 sustained as source of credit not properly explained: ITAT Surat

Shailesh Chandak (HUF) Vs ITO (ITAT Surat) ITAT Surat held that since the assessee failed to properly explain the source of credit it can safely be concluded that shares were penny stocks with sole purpose to route unaccounted money in the grab of share profit hence addition under section 68 sustained. Facts- The case of the assessee was selected for scrutiny. It was found that the assessee had sold shares of Nouvea Global Ventures Ltd. (NGVL) amounting to Rs.3,64,478/-, Pearl Agricultural Ltd. (PAL) amounting to Rs.21,02,213/- and Pearl Electronics Ltd. (PEL) amounting to Rs.21,02,213/-, tota...