Unexplained money received back via banking channel in form of sale consideration taxable u/s 115BBE

Rahul Gupta (HUF) Vs ACIT (ITAT Raipur)

ITAT Raipur held that unexplained money u/s 69A of the Income Tax Act was received back through banking channel in the form of sale consideration of the shares. Accordingly, the same has to be brought to tax u/s 115BBE of the Income Tax Act.

Facts- The assessee-HUF had e-filed its return of income for A.Y.2015-16. Subsequently, the case of the assessee was selected for “complete scrutiny” under CASS for examination of “suspicio

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