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2020 (5) TMI 551 - AT - Income TaxBogus LTCG - Penny stock purchases - unexplained credit u/s.68 - onus to prove - HELD THAT:- Since, the right to exemption must be established by those who seek it, the onus therefore lies on the assessee. In order to claim the exemption from payment of income tax, the assessee had to put before the Income Tax Authorities proper materials which would enable them to arrive at a conclusion . [1958 (10) TMI 9 - SUPREME COURT]. However, in this case, it is seen from the order of the Ld.CIT(A), supra, that the assessee has not placed relevant material and proved the genuineness of the impugned transactions. Although, an appeal against the above order has been filed before this tribunal, even before us also, the assessee has not challenged the findings recorded by the lower authorities with relevant material and hence we dismiss the appeal of assessee.
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