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2015 (1) TMI 745 - HC - Income TaxAddition under Section 68 deleted by ITAT - sum of ₹ 57,65,419/-, which the assessee-respondent claimed as capital gains along with original acquisition of ₹ 4,86,750/- aggregating to ₹ 61,25,169/- was erroneously held to be a wrong addition under Section 68 of the Income Tax Act - Held that:- In line with the judgment of CIT V. Lovely Exports (P) Ltd. (2008 (1) TMI 575 - SUPREME COURT OF INDIA) the initial onus to disclose the source of credit is upon the assessee. That judgment clearly states that once this burden is discharged in a reasonable manner, the burden of establishing that the source of the income is unaccounted or that the explanation afforded is unreasonable or not capable of investing or not lies upon assessing officer. In the present case, the assessee had clearly disclosed all relevant particulars i.e. the name and addresses of the share brokers to whom it has transacted, particulars of the company, the rates at which the shares were brought and the relevant quotations from the concerned stock exchanges etc. In these circumstances to expect the assessee to even produce the brokers physically before the assessing officer was unreasonable. After all, the assessing officer could have used his powers if he thought there was any reason to suspect the materials produced before him were dubious or otherwise unacceptable. - Decided in favour of assessee.
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