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Brief facts of the case are that during the year, the assessee has declared income of Rs. 4,96,650/- by filing the ITR online on 20.03.2015. She has shown income from house property, business and other sources. She has also shown long term capital gains of Rs. 73,77,806/- and claimed it as exempt u/s 10(38). The Assessing Officer made addition of the Long Term Capital Gain u/s 68 of the Act after taking into consideration the affairs of the assessee which was supported by the findings of investigations done by the Revenue department at Kolkata. The ld. CIT (A) confirmed the addition made by the Assessing Officer for which the assessee is in appeal before Tribunal.

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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)

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