https://www.taxtmi.com/caselaws?id=31537 In determining the genuineness of share transactions, the assessee bears the primary burden to prove that the transactions were real, and the Assessing Officer may assess the evidence on the basis of human probabilities. Mere production of some material is not conclusive if the surrounding circumstances show the claim is untrustworthy, even without independent rebuttal evidence from the department. On that basis, the Tribunal's factual finding that the transactions were non-genuine was upheld, and the challenge based on perversity was rejected. en-us Tue, 07 Nov 2006 00:00:00 +0530 Sat, 22 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31537 In determining the genuineness of share transactions, the assessee bears the primary burden to prove that the transactions were real, and the Assessing Officer may assess the evidence on the basis of human probabilities. Mere production of some material is not conclusive if the surrounding circumstances show the claim is untrustworthy, even without independent rebuttal evidence from the department. On that basis, the Tribunal's factual finding that the transactions were non-genuine was upheld, and the challenge based on perversity was rejected. Case-Laws Income Tax Tue, 07 Nov 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31537