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2011 (4) TMI 512 - HC - Income TaxSearch and seizure - Revised return - Bogus purchase - fictitious entry - the nature of the original entry in the accounts which on the face of it was not in conformity with the law of accountancy. - Held that:- even if we assume for the sake of argument that it was a case of deliberate and fictitious entry, it is the duty of the Income-tax authority to find out the real nature of the transaction behind the said entry and to pass appropriate order of assessment in accordance with law. Merely because an assessee has made a wrong or even fictitious entry in the accounts, such fact cannot be a ground for accepting such wrong or fictitious entry. Whether in the present case, the Tribunal was justified in refusing depreciation in respect of the building of the factory of the assessee at Silvasa - The aforesaid finding is based on consideration of all the materials on record and any reasonable individual having regard to Section 3 of the Evidence Act would accept such finding as reasonable - no evidence nor can we brand the same as a perverse finding of fact justifying interference in this appeal - Decided against the assessee
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