https://www.taxtmi.com/caselaws?id=761260 The Gujarat HC upheld the Tribunal's decision favoring the assessee in a case involving addition under Section 68 for share sale proceeds allegedly being accommodation entries. The assessee sold shares purchased in 2010, with partial sales in FY 2011-12 and remaining 1439 shares in the assessment year. The Tribunal found the transactions genuine based on bank statements showing STT payment and relevant documents like debit notes. Since no long-term capital loss was claimed, there was no revenue loss. The addition made by the AO was deleted. en-us Mon, 14 Oct 2024 00:00:00 +0530 Thu, 07 Nov 2024 08:47:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761260 The Gujarat HC upheld the Tribunal's decision favoring the assessee in a case involving addition under Section 68 for share sale proceeds allegedly being accommodation entries. The assessee sold shares purchased in 2010, with partial sales in FY 2011-12 and remaining 1439 shares in the assessment year. The Tribunal found the transactions genuine based on bank statements showing STT payment and relevant documents like debit notes. Since no long-term capital loss was claimed, there was no revenue loss. The addition made by the AO was deleted. Case-Laws Income Tax Mon, 14 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761260