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2022 (1) TMI 30 - AT - Income TaxUnexplained money u/s 69A - assessee had not filed her wealth tax return to substantiate possession of gold jewellery - HELD THAT:- AR could not produce any materials to prove the genuineness of the transaction other than reiterating the submissions made before the Ld. Revenue Authorities. It is apparent from the admission of the seller of jewellery that there was no sale transaction with the assessee. The assessee had also not declared the jewellery before the Revenue earlier by filing wealth tax return. Therefore, we do not find it necessary to interfere with the order of Revenue authorities on this issue. Hence, the ground No.1 raised by the assessee is devoid of merits. Bogus LTCG - disallowance u/s 10(38) - HELD THAT:- The alleged shares were dematerialized in the Demat account of the assessee after eleven months of the purchase which appears to be abnormal. The sale consideration received from sale of share was also after a substantial delay which also raises doubt about the bonafide of the transaction, because as per norms of the Stock Exchange the stockbroker it is required to deliver the security and make payment within 48 hours of settlement of trade by the stock exchange. It was informed by RoC, Mumbai vide letter dated 13/1/2015 that no such transaction had taken place. The purchaser of share from the assessee did not have good credentials and appears to be bogus. The assessee has not furnished any convincing evidence to dispute these findings of the Ld. Revenue Authorities - AR also could not present any cogent materials before us other than the manipulated documents to establish the transaction to be genuine or to counter the theory of preponderances of human probability as enlightened by the Hon’ble Supreme Court in the case relied upon by the learned AO (supra). Further it is apparent from the orders of the Ld. Revenue Authorities that the assessee is in the habit of introducing unexplained funds. In this situation, we do not find it necessary to interfere with the order of learned Revenue authorities on this issue Unexplained loan - HELD THAT:- As the facts of the case, it also appears that all the loan creditors were persons of meagre income. It is also apparent that the loan creditors had deposited cash in their accounts and mostly on the very same day they had transferred the same to the assessee’s bank account - there were no significant bank transactions in the bank accounts of the loan creditors. Needless to mention that banking transaction alone will not make the transactions to be genuine. From the above it is crystal clear that the creditworthiness of the loan creditors is not established. Further, the proximity between the loan creditors and the assessee is also not established for extending loan to the assessee. On perusing the orders cited by the Ld. AR in page no. 1 to 98 of the paper book, we do not find the facts to be identical to the facts in the case of the assessee and on the other hand the decision cited by the Ld. Revenue Authorities support the case of the Revenue. Therefore, we do not find it necessary to interfere with the orders of the learned Revenue authorities. Appeal of the assessee is dismissed.
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