S. 68 : Cash credits-Purchase and sales through book entries with sub -broker-Commodity exchange-Futures Speculative transactions- Forward market commission-Accommodate bogus loss-Transaction with sub –broker-Addition is deleted.
On the basis of information from investigation wing the Assessment of the appellant was reopened. The Assessing Officer added entire purchase and sales transactions with sub broker as cash credits under section 68 of the Act. On appeal the CIT(A) affirmed the addition. On appeal the Tribunal held that addition under section 68 cannot be made and only profit can be estimated. Accordingly the addition under Section 68 is deleted (AY. 2010-11)(ITA No.1773//2024 dt. 13-1-2025)
Vijay Maneklal Banushali v. ITO (Mum)(Trib)(www.itatonline.org
[Coram : Hon’ble Shri Sandeep Gosain, JM and Hon’ble Shri Prabhash Shankar, AM)