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2012 (10) TMI 320 - AT - Income TaxRebuttal of presumption u/s 68 - Onus to prove cast by sec. 68 is on the assessee – To establish the identity, creditworthiness of the creditor and genuineness of the transaction – Held that:- As assessee produced sales note of shares & sale proceeds were received through banking channels. Assessee also submit the death certificate of purchaser therefore, the production of purchaser was beyond possibility. Rebuttal does not carry effective meaning to dislodge assessee’s explanation and discharged his burden following the decision of Delhi High Court in case Medshave Health Care Ltd. (2010 (2) TMI 120). Decision in favour of assessee.
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