TMI Blog2019 (10) TMI 259X X X X Extracts X X X X X X X X Extracts X X X X ..... als 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 fath ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly the long term capital gain, added the assessee and brought to enhanced tax, to the extent of ₹ 5,33,720/- and secondly an explained credit brought to tax under Section 68 of the Income Tax Act, 1961 to the tune of ₹ 16,56,000/-. 2. The assessee s income for the assessment year 2008- 09 in the present case was re-assessed under Section 148/149 of the Act. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 01/05/2001, he held on behalf of HUF as a karta. As far as the second issue with regard to the addition made under Section 68 is concerned, learned counsel submitted that the relevant documents with regard to the credits obtained from four parties in the form of three affidavits were produced before the assessing officer, who chose not to believe them. It was further submitted that additional ev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not produce sufficient materials to convince the revenue authorities.No question of law therefore arises. 5. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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