Section 68 Addition justified if Share purchase & sale transactions were deemed bogus

Chandan Gupta Vs Commissioner of Income Tax (Panjab Haryana high court) Punjab and Haryana High Court dismissed the appeals filed by Chandan Gupta against the order of the Income Tax Appellate Tribunal (ITAT), Chandigarh. The core issue was the addition of ₹51,87,680 under Section 68 of the Income Tax Act, 1961, which the Assessing Officer (AO) and subsequently the ITAT deemed to be unexplained cash credit, despite the assessee claiming it as long-term capital gains from share trading. The AO concluded that the sale transaction of shares of M/s Citigold Credit Capital Limited was bogus and a...