Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (9) TMI 455 - AT - Income TaxAddition u/s 68 - Bogus long term capital gain by sale of shares - onus to prove - deceased assessee earned LTCG from the sale of shares and claimed the exemption under section 10(38) which was denied by the AO - HELD THAT:- As decided in case of the father of the deceased assessee namely Shri Jatinder Kumar Jain, [2022 (8) TMI 21 - ITAT CHANDIGARH] considering the evidences furnished by the assessee, which the AO did not negate with any counter evidence, we are of the considered opinion that the assessee has successfully discharged the onus cast upon him in terms of provisions of section 68 of the Act and this discharge of onus is a pure question of fact and, therefore, the various decisions relied upon by the Department on the question of law would not be of any assistance to the Department. Since, in our considered view, on the facts of the case, the assessee has been able to successfully discharge the onus cast upon him, the impugned addition has no feet to stand. We accordingly set aside the order of the Ld. CIT (A) and direct the deletion of the impugned addition. - Decided in favour of assessee.
|