https://www.taxtmi.com/caselaws?id=465162 ITAT Kolkata allowed the assessee's appeal partly, holding that the addition u/s 68 on alleged bogus sale consideration of shares/investments was unsustainable on the facts. It found that the assessee was regularly engaged in purchase and sale of investments over several years, that the share capital and premium raised in AY 2011-12 and the resultant investments had been duly recorded, audited, and accepted in scrutiny u/s 143(3), and that similar additions in a group concern had already been deleted by a coordinate bench. However, treating possible irregularities in purchasers' credentials as warranting a reasonable estimate, ITAT directed the AO to apply a profit rate of 5% on the impugned sales proceeds and to delete the balance addition. en-us Thu, 14 Sep 2023 00:00:00 +0530 Thu, 04 Dec 2025 15:24:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465162 ITAT Kolkata allowed the assessee's appeal partly, holding that the addition u/s 68 on alleged bogus sale consideration of shares/investments was unsustainable on the facts. It found that the assessee was regularly engaged in purchase and sale of investments over several years, that the share capital and premium raised in AY 2011-12 and the resultant investments had been duly recorded, audited, and accepted in scrutiny u/s 143(3), and that similar additions in a group concern had already been deleted by a coordinate bench. However, treating possible irregularities in purchasers' credentials as warranting a reasonable estimate, ITAT directed the AO to apply a profit rate of 5% on the impugned sales proceeds and to delete the balance addition. Case-Laws Income Tax Thu, 14 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465162