2006 (11) TMI 189

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....passed by the Income Tax Appellate Tribunal, Chandigarh Bench A, Chandigarh in I.T.A. No.829/chandi/2002, for the assessment year 1998-99, proposing following substantial questions of law:- "(i) Whether the Tribunal misdirected itself in law as well as on facts in reversing the order passed by the learned Commissioner of Income-tax (Appeals) by recording its conclusion based on surmises and conje....

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.... the impugned order passed by the Tribunal reversing the perfectly legal and valid order passed by the Commissioner of Income-tax (Appeals), is perverse and result of failure to act judicially and non application of mind?" 2. The assessee incurred capital loss on account of sale of gold jewellery and also had short term capital gain of almost equal amount. The Assessing Officer observed that shor....

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....erverse. The assessee having discharged the burden of proving the transactions of sale and purchase of the shares to be genuine, burden of proving that the said transactions were not genuine, was on the department and in absence of any material on record, holding the transactions to be not genuine, was not permissible. 5. We are unable to accept the submission made. Burden of proving that Income ....