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2010 (2) TMI 894 - AT - Income TaxReopening of assessment - undisclosed income in respect of sale of shares - Held that:- t on the basis of documents produced by the assessee it has not been proved and established that the amount of Rs.3 lacs received by the assessee during the year under consideration and the balance amount of Rs.4,04,340/- received in next year, has been received on account of sale consideration of the 1200 numbers of shares sold through CMS Securities Ltd. It is an admitted position that the draft, which has been received by the assessee, have been given by M/s. Kusum and Co. and shares were not sold by the assessee to M/s. Kusum and Co. In the statement of account furnished by CMS Securities Ltd., date and the amount of demand draft is only mentioned without any further details, such as, name of the bank from which demand draft were purchased or without giving any explanation as to how the demand draft came to be issued by M/s. Kusum and Co. against the sale consideration of shares payable by CMS Securities Ltd to the assessee. It is well settled that the receipt of amount by the assessee is itself a prima-facie evidence against the assessee and the receipt can be treated to be the assessee's undisclosed income when the assessee is unable to prove and establish the nature and the genuineness of the receipt received from M/s. Kusum and Co. Thus uphold the addition only to the extent of Rs.3 lacs being credited in the assessee's bank account u/s.68/69 being unexplained money introduced in the bank account, in the present assessment year and the rest amount of Rs.4,04,340/- as introduced by the assessee in its bank account in the next financial year relevant to the A.Y. 1999-2000, which has also been remained unexplained AOdirected to make addition of Rs.4,04,340/- in the A.Y. 1999-2000 after reopening the assessment u/s.147 of the Act read with section 150 of the Act. Against assessee.
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