Mere DMAT Account Transactions or Stock Exchange Share Sales not adequate evidence (Section 68)

Randhir Singh Verma Vs ITO (ITAT Delhi)

Introduction: The Income Tax Appellate Tribunal (ITAT) Delhi bench ruled in the case of Randhir Singh Verma Vs ITO that mere transactions through a DMAT account or sales of shares on a stock exchange can’t be considered adequate evidence to rebut suspicious circumstances raised by the assessing officer under Section 68 of the Income Tax Act. The decision, pronounced on May 23, 2023, dismisses the appeal made by the assessee against the addition of INR 21,56,261 d

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