TMI Blog2006 (11) TMI 189X X X X Extracts X X X X X X X X Extracts X X X X ..... ular transaction. Mere leading of evidence that the transaction was genuine, cannot be conclusive - No substantial question of law arises – appeal of assessee is dismissed - 499 of 2005 - - - Dated:- 7-11-2006 - ADARSH KUMAR GOEL and RAJESH BINDAL JJ. Sanjay Bansal, for the appellant. JUDGMENT 1. The assessee has preferred this appeal against the order dated 11.8.2005 passed by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nious construction of the provisions of Section 68 of the Income tax Act, 1961 and Section 106 of the Evidence Act, was the Tribunal on the material on record, legally correct in reversing the order passed by the Commissioner of Income-tax (Appeals), when the appellant-assessee had discharged his burden of proving the transaction of sale and purchase of shares to be genuine? (iv) Whether the imp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer took by surprise the astronomical rise in share price of a company from Rs.3/- to Rs.55/- and started further enquiry. 3. The assessing officer after enquiry made addition to the income of the assessee, which was upheld by the Commissioner of Income-tax (Appeals) as well as by the Tribunal. 4. Learned counsel for the assessee submitted that the view taken by the Tribunal is perve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer in a reasonable way. Genuineness of the transaction can be rejected even if the assessee leads evidence which is not trust-worthy, even if the department does not lead any evidence on such an issue. 6. In view of the above, we are of the view that the finding recorded by the Tribunal is a finding of fact and cannot be held to be perverse. 7. No substantial question of law arises. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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