Shanti Prime Publication Pvt. Ltd.
Sec. 68 of Income Tax Act, 1961—Cash Credit—Profits earned by the assessee are a part of major scheme of the accommodation entries as assessee is one of the beneficiaries of the accommodation entry receipts in the form of long-term capital gains and assessee has failed to prove that the share transactions are genuine and could not furnish evidences regarding the sale of shares except the copies of the contract notes, cheques received against the overwhelming evidences collected by the Revenue regarding the operation of the entire affairs of the assessee, thus, addition made under section 68 sustained - SUMAN PODDAR V/s ITO - [2020] 206 TTJ 393 (ITAT-DELHI)