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2010 (12) TMI 840 - HC - Income TaxExemption u/s 54F - Bogus transaction - specific records maintained by the company and stock exchange showing the claimed transaction of shares having not taken place - Held that:- It is well settled that burden of proving genuineness of a transaction of receipt of income by him from a claimed source particularly income on the basis of which exemption of tax is claimed is on the assessee - The said burden can be discharged by him either by leading evidence or from the circumstances on record. - In absence of positive evidence of the assessee, the Assessing Officer, by applying test of human probabilities can draw an inference of money being undisclosed income of the assessee - the burden on the assessee which he failed to discharge and, therefore, test of human probabilities could be relied upon to reject the claim of the assessee that income was generated from the source of sale of shares which was exempted from tax under section 54F of the Act. - Decded against the assessee
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