During relevant year, assessee sold shares which were stated to have been acquired by assessee through gift from his daughter for Nil consideration. Assessee had not disclosed receipt of gift in original return of income filed and later on claimed loss on sale of shares in return of income filed in response to notice under section 148.  High Court held that since assessee had not been able to evidence gift by way of registered document or that his daughter had sufficient source of cash to invest such huge cash in equity shares, thus, capital asset not having become property of assessee, section 49 would not be applicable to assessee. SLP of the assessee is dismissed. (AY. 2009-10)