https://www.taxtmi.com/caselaws?id=409664 The Tribunal partly allowed the appeal, setting aside the CIT(A)'s decision on the addition under section 68 of the Act. The Tribunal directed the deletion of the addition and disallowed commission, holding that the provisions of section 68 could not be applied to the realization of the investments. The Tribunal found that if the sale of shares was considered bogus, then the purchase would also be deemed bogus, but since no action was taken in the prior year regarding the purchase, the entire amount could not be added under section 68. en-us Wed, 07 Jul 2021 00:00:00 +0530 Wed, 14 Jul 2021 06:27:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409664 The Tribunal partly allowed the appeal, setting aside the CIT(A)'s decision on the addition under section 68 of the Act. The Tribunal directed the deletion of the addition and disallowed commission, holding that the provisions of section 68 could not be applied to the realization of the investments. The Tribunal found that if the sale of shares was considered bogus, then the purchase would also be deemed bogus, but since no action was taken in the prior year regarding the purchase, the entire amount could not be added under section 68. Case-Laws Income Tax Wed, 07 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409664