2019 (10) TMI 259

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..... spondent(s) : None JUDGMENT 1. Two questions of law urged in this appeal are with respect to firstly the long term capital gain, added the assessee and brought to enhanced tax, to the extent of Rs. 5,33,720/- and secondly an explained credit brought to tax under Section 68 of the Income Tax Act, 1961 to the tune of Rs. 16,56,000/-. 2. The assessee's income for the assessment year 2008- 09 in th .....

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..... assessee through a family settlement on 01/05/2001, he held on behalf of HUF as a karta. As far as the second issue with regard to the addition made under Section 68 is concerned, learned counsel submitted that the relevant documents with regard to the credits obtained from four parties - in the form of three affidavits were produced before the assessing officer, who chose not to believe them. It .....

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..... materials to convince the revenue authorities.No question of law therefore arises. 5. As regards the plea advanced by the assessee regarding the HUF owned property, it is noticeable that the family settlement was in respect to the property owned by the assessee's father which was allegedly ancestral. Upon entering into the family settlement and the division of the property, a share which fell to .....

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