https://www.taxtmi.com/caselaws?id=234524 The Tribunal upheld the deletion of an addition made under section 68 of the Income Tax Act for alleged bogus accommodation entry in the sale of shares. The Tribunal found that the valuation under Wealth-tax Rules was irrelevant and the shares were sold based on evidence presented, making the addition legally unsustainable. Additionally, the Tribunal dismissed the Revenue's appeal, ruling that no adjustment was necessary as the correct sale consideration was reflected in the sale proceeds, leading to the dismissal of the appeal. en-us Fri, 09 Dec 2011 00:00:00 +0530 Sat, 15 Jun 2013 07:49:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234524 The Tribunal upheld the deletion of an addition made under section 68 of the Income Tax Act for alleged bogus accommodation entry in the sale of shares. The Tribunal found that the valuation under Wealth-tax Rules was irrelevant and the shares were sold based on evidence presented, making the addition legally unsustainable. Additionally, the Tribunal dismissed the Revenue's appeal, ruling that no adjustment was necessary as the correct sale consideration was reflected in the sale proceeds, leading to the dismissal of the appeal. Case-Laws Income Tax Fri, 09 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234524