2008 (9) TMI 990

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....on for condonation of delay. We are satisfied that sufficient cause has been shown to condone the delay of 43 days. Hence, delay is condoned. The application being G. A. No.2973 of 2008 is allowed. Mr. Mitra, learned Advocate for the appellant, submits that no reason has been shown by the Learned Tribunal in coming to the conclusion in favour of the assessee. In view of that, we have specificall....

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....ices on which it has sold unquoted shares be considered as correct price as unquoted share prices are not independently verifiable unlike the prices of quoted shares. In the course of the present appellate proceedings the A/R of the appellant has submitted that all the details of share sale transactions before the A/O, and has stated that the sale prices of the shares were determined by mutual neg....

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....n has been detected by the A/O with regard to the sale of investment in shares. In this context it is appropriate to note that the onus to prove that the apparent is not the real is on the party who claims it to be so. [C.I.T.Vs.Daulatram Rawatmall 87 ITR 249] In view of the aforementioned facts and the relevant judicial decisions, it is held that the assessee has discharged its onus by furnishin....