Payment from Sale of Shares Deposited in Bank Account: ITAT rules No Reason to add Capital Gains Unexplained Cash Credit u/s 68 of Income Tax Act [Read Order]
ITAT ruled that there is no reason to add capital gains as unexplained cash credit under Section 68 of the Income Tax Act, 1961 as the payment from the sale of shares was duly deposited in the bank account
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) ruled that there is no reason to add capital gains as unexplained cash credit under Section 68 of the Income Tax Act, 1961 as the payment from the sale of shares was duly deposited in the bank account. The Assessee initially reported an income of…
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