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2012 (10) TMI 606 - HC - Income TaxSale of jewellery - income at Rs. 89,790/- including capital loss of Rs. 6,81,859/- on account of sale of jewellery for Rs. 14.3 lacs. - whether the transaction was genuine or not? - Held that:- ITAT rejected the report of valuation officer as no record was maintained by him - ITAT further held that, why an experienced person like Walayam Ram went to such a lad at a distance of more than 1000 Kms for sale of his beloved diamonds which were kept by him from the last more than 50 years and not disclosed to anyone. The story does not appeal to us a plausible one. It is an attempt to create capital without paying any tax, it is not a genuine claim. - Order of ITAT sustained. The evidence which had been produced was of recent origin in the form of sale invoice or report of valuer. Initially, the onus which was placed upon the assessee was required to be discharged by providing unimpeachable evidence which could not have been created i.e. in the form of some document of past nature. The assessee had failed to produce any such material. The view which has been taken by the Tribunal is a plausible view. - Decided against the assessee.
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