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2019 (3) TMI 647 - HC - Income TaxBogus long term capital gains - unexplained income under Section 68 - exemption under Section 10(38) denied - notice served upon the Assessee was returned unserved - HELD THAT:- While it was for the Assessee to appear and adduce the relevant evidence for the genuineness of the transaction of sale of the shares, the Assessee was not vigilant and co-operative enough and did not produce the relevant evidence before the authorities below and did not even appear before the appellate authorities concerned to contradict the case against her, as set up by the Revenue during the course of assessment proceedings. This has resulted in the impugned findings of facts against the Assessee about the nature of the transactions of sale of shares of a shell company as sham and the same being taxed as 'undisclosed income' under Section 68. Thus these findings of facts, cannot be said to be perverse in any manner and therefore we do not find any substantial question of law to be arising under Section 260-A - Decided against assessee.
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