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2019 (10) TMI 259 - HC - Income TaxBogus LTCG - Addition u/s 68 - HELD THAT:- Assessee was under a duty to discharge the primary onus that lay upon him that the amounts, reflected a genuine transaction and were borrowed from existing parties which was creditworthy. The materials on record show that of these three ingredients that atleast in regard to two ingredients assessee could not produce sufficient materials to convince the revenue authorities. No question of law therefore arises. As regards the plea advanced by the assessee regarding the HUF owned property, it is noticeable that the family settlement was in respect to the property owned by the assessee’s father which was allegedly ancestral. Upon entering into the family settlement and the division of the property, a share which fell to the assessee became his individual one having regard to the judgment in Commissioner of Wealth Tax Vs. Chander Sen [1986 (7) TMI 7 - SUPREME COURT] . Therefore, the inference drawn by the lower appellate authorities cannot be said to be per se illegal. No interference is called for.
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