https://www.taxtmi.com/caselaws?id=173911 The Income Tax Appellate Tribunal ruled in favor of the assessee in an assessment case for the year 2005-06. The Tribunal deleted additions made under Sections 68 and 69B, emphasizing the legitimacy of share purchases evidenced by broker's notes and payment through Account Payee Cheques. It also found no applicability of Section 50C to the purchaser, leading to deletion of the addition under Section 69B. The Tribunal admitted evidence under Rule 46A supporting the transactions, and clarified that Section 50C did not apply to the purchaser. The Tribunal's decisions were upheld, and the appeal was dismissed. en-us Wed, 22 Jun 2011 00:00:00 +0530 Thu, 24 Sep 2015 15:39:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173911 The Income Tax Appellate Tribunal ruled in favor of the assessee in an assessment case for the year 2005-06. The Tribunal deleted additions made under Sections 68 and 69B, emphasizing the legitimacy of share purchases evidenced by broker's notes and payment through Account Payee Cheques. It also found no applicability of Section 50C to the purchaser, leading to deletion of the addition under Section 69B. The Tribunal admitted evidence under Rule 46A supporting the transactions, and clarified that Section 50C did not apply to the purchaser. The Tribunal's decisions were upheld, and the appeal was dismissed. Case-Laws Income Tax Wed, 22 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173911