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2019 (7) TMI 89 - HC - Income TaxComputation of capital gain - genuineness of gift - cost of acquisition of the previous owners u/s 49 - HELD THAT:- Tribunal concluded that the provisions of Section 49 did not apply to the facts of the case, since the said provisions envisages only where the capital asset becomes the property of the assessee, then the cost of acquisition of the asset will have to be reckoned on the basis of cost of acquisition to the previous owner and otherwise, no. Tribunal faulted the assessee in not furnishing any evidence either before the AO, or before the CIT(A), or before the Tribunal that he held the gift by way of registered document and that the donor, his daughter, Mrs. Meera Arun had sufficient source for cash during the assessment year 2009-10 to invest such huge cash in 3,00,000 equity shares and therefore, on facts, the Tribunal approved the finding of the AO that the transaction was entirely bogus. The assessee has not been able to dislodge any of the factual findings which have been re-appreciated by the AO. Furthermore, as observed by us earlier, the assessee did not cooperate in the assessment proceedings for the reasons best known. - No substantial question of law.
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