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2012 (10) TMI 97 - ITAT, AGRAUndisclosed investments - Investment in Vatsal Shiksha Samiti, Gwalior - search - CIT(A) deleted the addition - Held that:- AO made the additions on merits on account of investment made by the assessee in Vatsal Shiksha Samiti, Gwalior but is a fact that no search was conducted in the case of the assessee. Whatever seized material was found was recovered from the business cum residential premises of Shri Sunil Jain and Seema Jain. Nothing was brought on record if both these persons made any adverse statement against the interest of the assessee. No material has been brought on record by the AO to show that the assessee, in fact, made any investment in this Samiti. Whatever investment the assessee has made in the Samiti was duly declared and source of the same was also found explained. The amount declared by the assessee was taken back on his resignation from the Samiti. Thus, there was no evidence that the assessee made investment of any amount in the Samiti. Since the seized material was not recovered from the possession of the assessee, therefore, the assessee was not bound to explain the same. More so, when the details of seized material clearly show that it did not implicate the assessee of any investment made in the Samiti. As decided in CIT vs. Girsh Chaudhary [2007 (5) TMI 176 - DELHI HIGH COURT] that the seized paper would not indicate anything that the assessee made any undisclosed investment in Samiti and in absence of any specific material to link the assessee with any investment, no infirmity in the order of the CIT(A) - in favour of assessee.
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