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2015 (4) TMI 333 - HC - Income TaxReceipt in alleged repayment of the dues of the assessee and a receipt of sale of shares both in cash - ITAT deleted the addition - Held that:- The judgement of the Assessing Officer and the CIT(A) disclose in no uncertain terms that the evidence including steps which the assessee could have taken were not resorted to. Therefore, the Assessing Officer was entitled in law to draw an adverse inference which is authorized by Section 114(g) of the Evidence Act which permits a presumption as follows: “That evidence which could be and is not produced would, if produced, be unfavourable to the person who withholds it;” For the reasons aforesaid, we are of the opinion that the judgement under challenge cannot be sustained and, therefore, judgement of the Tribunal is set aside. The judgement of the CIT(A) that AO has rightly held that There is no material on record to show that cash of ₹ 21,55,950/- was received on sale of share. Similarly, there is no evidence on record to show that cash of ₹ 10,61,834/- was received from M/s. M L Dhingra & Associates. Confirmation from the said party was not filed before the AO is restored. - Decided against assessee.
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