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2010 (11) TMI 710 - AT - Income TaxAddition of income - In the course of scrutiny assessment the A.O. noticed that the assessee has credited an amount of Rs. 13,39,252 in the Capital Account, which was stated to be gift received from Shri Vijay Vora, brother-in-law - Since the creditworthiness was not submitted for verification, the A.O. made the addition of the amount as undisclosed income of the assessee eventhough the assessee claimed that the bonds were free from income tax, wealth tax and gift tax even for the transferees - that there is no need to admit any further additional evidence and accordingly the prayer made was rejected Loss on sale of unit – Assessee has invested in mutual fund which has two record dates and AO was of the opinion that the provisions of section 94(7) are applicable - in the case of ITO v. Shambhu Mercantile Ltd. (2008 -TMI - 65568 - ITAT DELHI-I) wherein after analysing the use of words as 'such person', 'such unit' and 'such date' with such securities or units in clauses (b) & (c) of section 94(7) it was held that all the three clauses are to be read together and all the three conditions mentioned in clauses (a), (b) and (c) thereon must be cumulatively satisfied – Accordingly the appeal is dismissed
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