https://www.taxtmi.com/caselaws?id=368525 The article explains that where an assessee claims land-sale, arbitration and buy-back transactions, the burden lies on it to prove genuineness through reliable, verifiable evidence. In the stated facts, the alleged agreements were unregistered, originals were not produced, photocopies showed inconsistencies, the notary record did not support the documents, and two parties denied the transactions. The surrounding facts, including the collaboration agreement and the assessee's earlier statement, indicated that the arrangements were not authentic business dealings but a device to reduce tax liability. On that basis, the addition made by the Assessing Officer was restored and the assessee's claim failed. en-us Mon, 01 Oct 2018 00:00:00 +0530 Wed, 10 Oct 2018 14:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368525 The article explains that where an assessee claims land-sale, arbitration and buy-back transactions, the burden lies on it to prove genuineness through reliable, verifiable evidence. In the stated facts, the alleged agreements were unregistered, originals were not produced, photocopies showed inconsistencies, the notary record did not support the documents, and two parties denied the transactions. The surrounding facts, including the collaboration agreement and the assessee's earlier statement, indicated that the arrangements were not authentic business dealings but a device to reduce tax liability. On that basis, the addition made by the Assessing Officer was restored and the assessee's claim failed. Case-Laws Income Tax Mon, 01 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368525