Thursday, January 3, 2019

No sec. 68 additions on sale of shares if purchase transactions of said shares had been accepted as genuine

IT: Where Assessing Officer had accepted purchase of shares by assessee as genuine transaction, in such a case, when assessee sold said shares subsequently, AO could not make addition of entire sale consideration to assessee's income under sec. 68 taking a view that amount so realised was nothing but assessee's own unaccounted money

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