Addition U/S 68 for Unexplained Cash Credit Unjustified as Sale of Shares Reflected in P&L

Aadesh Commodities Pvt Ltd Vs National Faceless Assessment Centre (ITAT Mumbai)

ITAT Mumbai held that addition u/s. 68 of the Income Tax Act towards unexplained cash credit unjustified as sale consideration of shares duly reflected in the profit and loss account of the assessee.

Facts- On the basis of the information that scrips of NYSSA Corporation Ltd and M/s ACI Infocom Ltd were used by a syndicate of persons for providing accommodation entries of bogus long-term capital gains/bogus short-term capital loss/bogus business loss of entries to various benefic

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