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The assessee has raised the ground that the learned Commissioner of Income Tax (Appeals) has erred in confirming the addition of Rs. 15,06,889/- made by the Assessing Officer treating the Long term capital gain on sale of shares of Alang Gases Ltd. including cost thereof as alleged Unexplained cash credits u/s.68 of the I.T. Act, 1961 and thereby erred in disallowing exemptions claimed by the Appellant u/s.l0(38) of the I.T. Act, 1961

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Sec. 68 & 147 of Income Tax Act, 1961—Reassessment —Reassessment valid as reason to believe of making addition on account of unexplained cash credits u/s.68 was correct.

Facts: Assessment order u/s.143(3) r.w.s.147 was framed making addition on account of unexplained cash credits u/s.68. Aggrieved by the order of AO, assessee preferred appeal before CIT(A), who after considering the case of both the parties, dismissed the appeal filed by the assessee. Aggrieved by the order of CIT(A), assessee went on appeal before Tribunal.

Held, that the investee is a penny stock company, with no credentials, and the sale rates artificially hiked, with no real buyers, so that inference of the sales being bogus, is unmistakable and purchase/s is back dated, i.e., per a back dated contract note, paid for in cash, so that there is no trail; - BHAGWATIBEN VINODKUMAR SURANI V/s ITO - [2020] 80 ITR (TRIB) 341 (ITAT-AHMEDABAD)