TMI Blog2012 (10) TMI 1207X X X X Extracts X X X X X X X X Extracts X X X X ..... rom the assessee's premises by overlooking the provisions of section 132(4A) of the Income Tax Act, 1961 and when the assessee had failed to discharge the onus cast upon him to rebut the presumption with proper explanation and substantiating material? 2. The issue arises in following factual background. During the course of search operations carried out at the residential and business premises of the respondent assessee, certain documents were seized. On the basis of such documents, the Assessing Officer desired to make addition. The assessee, however, during the course of the assessment, contended that such documents do not belong to him. The assessee's business was of transportation. The documents contained entrie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see. However, there was no finding or even an allegation of the Revenue that there was such type of business at all run by the assessee. It was not the case of the revenue that an undisclosed business was unearthed which was not found recorded in the books of account. Barring this paper, there is no material in possession of the Revenue to corroborate that the said paper had any connection with the accounted or unaccounted business activity of the assessee. From the side of the Revenue even no such attempt was ever made to make an enquiry from those parties whose names were printed on the said paper. Because of these reasons, ld. AR Mr. Mukund Bakshi has emphasized that the said document was nothing but a bald document. For this legal prop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... business activity of the assessee. In the absence of any such evidence, the addition so made by the AO remained un-corroborated, hence, we hereby reverse the findings and allow this ground. 5. Counsel for the revenue vehemently contended that the Tribunal committed an error in interfering with the concurrent findings of the revenue authorities. He submitted that the assessee's explanation that the documents seized were not found satisfactory. That presumption under section 132(4A) of the Act would apply. 6. We are of the opinion that the entire issue is based on appreciation of the material on record. Section 132(4A) of the Act uses the words may presume , meaning thereby that such presumption is rebuttable. In th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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