Bogus sale transaction leads to sale proceeds being added as income u/s 68 of the Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Addition u/s 68 – nce the transaction of purchase and sale was found to be bogus then the sale proceeds had to be added as income of the assessee u/s 68 of the Act because the money received on the basis of bogus transaction had been credited by the assessee in the books of account which remained unexplained - HC....