Genuineness of the transaction is to be proved by the person who substantially asserts the same

ACIT Vs Arihant Kumar Jain (ITAT Delhi) Genuineness of transaction is to be proved by person who substantially asserts the same Facts- Assessee claimed capital gain of INR 2,72,85,500 as exempt under section 10(38). During search AO reached the conclusion that the entire funds have been received by assessee from the sale of penny stock and the actual source of credit was unaccounted cash of the assessee as held by investigation and thereby treated the credit in the bank account of the assessee as unexplained income u/s 68 of the Act and thereby added total amount of Rs.2,77,46,000/- to the inc...