https://www.taxtmi.com/caselaws?id=422828 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, directing the deletion of the addition of Rs.1,27,00,000 as unexplained cash credit. ITAT found the shares sold were part of the stock in trade, not accommodation entries, as alleged. The transaction showed no pecuniary gain for the assessee, with shares sold at the same price purchased. ITAT disagreed with the theory of accommodation entries, allowing ground no. 5 of the assessee's appeal and deeming ground no. 7 consequential. As a result, the appeal was partly allowed by ITAT. en-us Tue, 10 May 2022 00:00:00 +0530 Mon, 23 May 2022 22:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422828 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, directing the deletion of the addition of Rs.1,27,00,000 as unexplained cash credit. ITAT found the shares sold were part of the stock in trade, not accommodation entries, as alleged. The transaction showed no pecuniary gain for the assessee, with shares sold at the same price purchased. ITAT disagreed with the theory of accommodation entries, allowing ground no. 5 of the assessee's appeal and deeming ground no. 7 consequential. As a result, the appeal was partly allowed by ITAT. Case-Laws Income Tax Tue, 10 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422828