https://www.taxtmi.com/caselaws?id=450520 ITAT Ranchi held that additions under section 68 for bogus LTCG and share capital/premium were deleted as the assessee was merely a conduit for accommodation entries, with real income already assessed in hands of actual beneficiaries. However, commission income of Rs. 6,90,865 was directed to be assessed. Various other additions including unexplained cash credits, land-related expenses, and investments were deleted as amounts were already offered to tax by individuals in their respective assessments, avoiding double taxation. The court emphasized taxing real income rather than hypothetical income except where statute expressly provides deemed basis. en-us Fri, 22 Dec 2023 00:00:00 +0530 Wed, 06 Mar 2024 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450520 ITAT Ranchi held that additions under section 68 for bogus LTCG and share capital/premium were deleted as the assessee was merely a conduit for accommodation entries, with real income already assessed in hands of actual beneficiaries. However, commission income of Rs. 6,90,865 was directed to be assessed. Various other additions including unexplained cash credits, land-related expenses, and investments were deleted as amounts were already offered to tax by individuals in their respective assessments, avoiding double taxation. The court emphasized taxing real income rather than hypothetical income except where statute expressly provides deemed basis. Case-Laws Income Tax Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450520