https://www.taxtmi.com/caselaws?id=307799 The Income Tax Appellate Tribunal (ITAT) justified deleting the addition of Rs. 7593444 as unexplained credit under section 68 of the Income Tax Act for the assessment year 2014-15. The Tribunal found the equity trading transaction genuine based on documentary evidence, including payment through bank and dematerialization of shares. It rejected the Revenue's appeal, stating that the assessee provided all relevant details and evidence to support the transaction's genuineness. The deletion of commission paid for acquiring the accommodation entry was also upheld by the ITAT, leading to the dismissal of the addition. The High Court supported the ITAT's decision, resulting in the appeal's dismissal. en-us Mon, 09 May 2022 00:00:00 +0530 Mon, 08 May 2023 15:16:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307799 The Income Tax Appellate Tribunal (ITAT) justified deleting the addition of Rs. 7593444 as unexplained credit under section 68 of the Income Tax Act for the assessment year 2014-15. The Tribunal found the equity trading transaction genuine based on documentary evidence, including payment through bank and dematerialization of shares. It rejected the Revenue's appeal, stating that the assessee provided all relevant details and evidence to support the transaction's genuineness. The deletion of commission paid for acquiring the accommodation entry was also upheld by the ITAT, leading to the dismissal of the addition. The High Court supported the ITAT's decision, resulting in the appeal's dismissal. Case-Laws Income Tax Mon, 09 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307799