TaxTMI 
TaxTMI 
2012 (11) TMI 1259
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....led under Section 260-A of the Income-tax Act, 1961, hereinafter referred to as "the Act", against the order dated 17th July, 2009 passed by the Income Tax Appellate Tribunal, Agra Bench, Agra. The Commissioner of Income Tax, Agra has proposed the following question of law said to be substantial question of law arising out of the order of the Tribunal. "1.Whether on the facts and in the circumst....
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....empt under Section 54F of the Act. The Assessing Officer required the explanation on the source and genuineness of sale of shares from the assessee and disbelieved the explanation given by him. He accordingly added a sum of ₹ 10,17,556/- under Section 68 of the Act as income from undisclosed sources. Feeling aggrieved the assessee preferred an appeal before the Commissioner of Income Tax (Ap....
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....endered a substantial amount which also creates doubt about the genuineness of sale transactions. We may mention here that apart from the reasoning given by the Commissioner of Income Tax (Appeals), vide paragraph 6 of the judgment the Tribunal had held that part of the shares sold by the assessee was in Demat form and was transferred to the account of the buyer which proves the genuineness of the....