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2019 (4) TMI 1235 - BOMBAY HIGH COURTUnaccounted cash payments - search u/s 132 - two draft agreements found mentioning different sales consideration of same property - AO alleged that difference received in cash - HELD THAT:- The assessee pointed out that the agreement was never acted upon since later on it was found that the land was subject to several reservations of the Government departments such as the water supply department, fire department etc. Part of the land was also occupied by encroachers. The land was also found to be of new tenure which would imply that unless the same was converted into old tenure, the development on such land would not be possible. Inter-alia on such grounds, the Tribunal accepted the assessee's contention that the draft agreement was never acted upon by the parties Entire issue is factual. The Tribunal took into account the relevant facts and came to the conclusion that the addition of said sum of ₹ 1.53 crores by the Assessing Officer was not sustainable. No question of law arises in this respect. Addition based on the basis of loose papers found during search - HELD THAT:-While deleting the additions, the Tribunal assessed the material on record there is no evidence about the payment of amount of ₹ 20 lakh by cheque about which the investigation wing/search party has made thorough investigations, then the presumption about the payment of cash cannot be drawn under such circumstances. The additions solely on the basis of suspicion, how strong it may be, in our view, are not sustainable in the eyes of law. We therefore set aside the impugned additions made by the lower authorities. The appeal of the assessee is therefore allowed
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