Court Rules Assumptions Insufficient for Capital Gain Case; Requires Substantial Evidence for Assessing Officer's Claims.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Capital gain computation - ownership on property sold - Merely relying on the assumptions and just because the property was purchased by assessee’s husband, it does not mean that there exists some kind of foul transaction and without bringing on record any cogent material to support the AO’s contention, AO cannot presume facts....