https://www.taxtmi.com/caselaws?id=339021 The Tribunal allowed the appeal of the assessee, deleting the addition of Rs. 4,37,47,870 under Section 68 of the Income Tax Act, 1961. It found that the income from commodity trading had been consistently declared as business income in previous years, emphasizing the rule of consistency in tax treatment across assessment years. The Tribunal noted the lack of credible evidence and failure to substantiate the claim of sham transactions by the Assessing Officer and CIT(A). Additionally, it ruled that Section 115 BBE was not applicable for the relevant assessment year, further supporting the deletion of the addition under Section 68. en-us Wed, 07 Dec 2016 00:00:00 +0530 Fri, 17 Feb 2017 08:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339021 The Tribunal allowed the appeal of the assessee, deleting the addition of Rs. 4,37,47,870 under Section 68 of the Income Tax Act, 1961. It found that the income from commodity trading had been consistently declared as business income in previous years, emphasizing the rule of consistency in tax treatment across assessment years. The Tribunal noted the lack of credible evidence and failure to substantiate the claim of sham transactions by the Assessing Officer and CIT(A). Additionally, it ruled that Section 115 BBE was not applicable for the relevant assessment year, further supporting the deletion of the addition under Section 68. Case-Laws Income Tax Wed, 07 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339021