2023 (6) TMI 1532

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...., 1961 (hereinafter referred to as the "Act"), dated 28.12.2016 for AY 2014-15. 2. Grounds raised by the assessee are reproduced as under: "1. For that in view of the facts and in the circumstances the Ld. CIT(A) erred in confirming the addition of Rs. 46,97,718/- as unexplained cash credit u/s 68 and in view of the facts and in the circumstances the transaction carried out by the appellant being genuine, the action of the Ld. CIT(A) affirming the order of the AO is wholly bad and illegal and it may be held accordingly. 2. Without prejudice to Ground No. 1 above, the AO had made the addition u/s 68 on the transaction carried out by the appellant in sale and purchase of shares, merely on assumption and presumption, surmi....

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....obe Capital Market Ltd Ashika Credit Capital Ltd. 5000 18.10.2013 7,45,203.95 3 Market Globe Capital Ltd Ashika Credit Capital Ltd. 5000 21.10.2013 7,64,805.27 4 Globe Capital Market Ltd Ashika Credit Capital Ltd. 3000 22.10.2013 4,64,608.48 5 Globe Capital Market Ltd Ashika Credit Capital Ltd. 5000 23.10.2013 7,72,160.25 6 Globe Capital Market Ltd Ashika Credit Capital Ltd. 10000 24.10.2013 15,51,079.27 7 Globe Capital Market Ltd Ashika Credit Capital Ltd. 20000 25.10.2013 31,67,594.80 TOTAL 83,38,633.83 3.1. Details of shares sold by the assessee are tabulated as under: Name of script Date of sale No. of shares Purcha....

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....lding that the explanation offered by the assesses as unsatisfactory, Ld. AO added the amount of Rs. 46,97,718/- as income being unexplained cash credit u/s. 68 of the Act (taxable @ as provided u/s. 115BBE of the Act). Ld. AO also made an addition of Rs. 1,17,443/- being 2.5% of Rs. 46,97,718/- towards commission for getting bogus short term capital gain as unexplained expenditure u/s. 69C of the Act. Aggrieved, assessee went in appeal before the Ld. CIT(A) who confirmed the addition. Aggrieved, assessee is in appeal before the Tribunal. 4. We find that there are large number of assessee, who have transacted with such kind of equity shares and claimed exemption under section 10(38) of the Act. Apart from this scrip, there are other scri....