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2014 (8) TMI 725 - AT - Income TaxUnexplained cash deposits u/s 68 - Assessee engaged in business of DEPB licenses, commission agency and trading – Held that:- The assessee is disputing the addition relating to the deposits made into his bank - The assessee has explained the sources to be the sale proceeds realized on sale of shares - the assessee has sold 76850 shares to 15 persons and received cash - the assessee himself has furnished the sources only to the extent of ₹ 7,76,220/- and he did not explain the sources for the remaining amount of ₹ 20.42 lakhs - the assessee has claimed to have sold the shares off-market by receiving cash - None of the parties could furnish copies of the share certificates and share transfer forms to substantiate their respective claim – the contention of the assessee is accepted that a prudent person will not buy shares which do not have any market value and the person who got rid of such kind of shares will not buy back the same from those sellers - the explanations furnished by the assessee may also be tested by considering human probabilities and human conduct - the explanations offered by the assessee with regard to sale of shares and re-purchase of shares of company which has been delisted is beyond the comprehension of human probabilities – the order of the CIT(A) is upheld – Decided against Assessee.
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