2024 (3) TMI 1149

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.... FCA For the Respondent : Shri AR.V. Sreenivasan, Addl.CIT ORDER PER MAHAVIR SINGH, VICE PRESIDENT: This appeal by the assessee is arising out of the order passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi in Order No.ITBA/NFAC/S/250/2023- 24/1058090022(1) dated 21.11.2023. The assessment was framed by the Income Tax Officer, National Fac....

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....declared to have been earned long term capital gain of Rs. 15,38,233/- as accommodation entries. The AO treated this sale consideration on sale of shares as unexplained money u/s. 69A of the Act and added to the returned income of the assessee. The CIT(A) also confirmed the action of the AO. Aggrieved, assessee is in appeal before the Tribunal. 4. We noted that the assessee has purchased 25000 ....

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.... for more than one year. The AO and CIT(A) both noted only that these are accommodation entries as observed from investigation proceedings, statement recorded from various operators, promoters and related persons, wherein they admitted how the unaccounted money of the beneficiaries get into the books of accounts of various assessee's in the grab of long term capital gain. The CIT(A) and AO based t....