Section 68: Preference Share Sale Receipt reflected in Books Not Unexplained Credit

Hamlet Vs ITO (ITAT Bangalore) ITAT Bangalore held that the provisions of section 68 of the Income Tax Act cannot be applied in relation to the sales receipt of preference shares shown by the assessee in its books of accounts as sales receipt has already been shown in the books of accounts as income/loss at the time of sale only. Facts- Assessee is a firm doing its business of real estate and infrastructure development. For the year under consideration, it filed its return of income on 30.07.2012 declaring short term capital loss of Rs.1,75,000/-. The return was taken up for scrutiny and was p...