2026 (8) TMI 1024

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....nfined to addition of an amount of Rs. 28,52,412/- u/s 68 of the Income Tax Act, 1961. 3. Briefly the facts are, the assessee is a resident individual as stated by the Assessing Officer, the assessee was carrying on business of transportation of goods through his proprietary concern 'Shri Ram Roadline' and was also a partner in 'Durga Lime Industries' engaged in manufacturing and trading of quick lime and hydrated lime. Be that as it may, for the Assessment Year under dispute, assessee had filed his return of income on 06.11.2015 declaring income of Rs. 2,50,480/-. The return of income so filed by the assessee was selected for scrutiny. 4. In course of assessment proceeding, while verifying the return of income filed by the assessee, ....

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.... treated the long term capital gain treated by the assessee as unexplained cash credit u/s 68 of the Act. Since he treated the share transaction to be in the nature of accommodation entry, he concluded that the assessee must have paid commission for availing the benefit of accommodation entries through bogus long term gain. Accordingly, he estimated the commission paid by the assessee at 5% of the profit value and added back an amount of Rs. 1,48,970/- u/s 69C of the Act. Though, the assessee contested the aforesaid additions before the First Appellate Authority. However, he was unsuccessful. 5. We have considered rival submissions and perused the materials on record. We have also applied our mind to the decisions cited before us at the ....