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2012 (3) TMI 433 - AT - Income TaxProceedings u/s 158BC - Held that:- Additional ground raised by the assessee challenging the validity or otherwise of search for initiation of proceedings u/s 158BC of the Act has no legs to stand and that to decide the justifiability or otherwise of such an action u/s 132 of the Act by the authorities below does not fall within the purview of this Bench. Addition of ₹ 15 lakhs on substantive basis - Held that:- As no credible documentary evidence was brought on record to thwart the reasonableness of the CIT (A)’s finding. We are, therefore, of the considered view that there was no infirmity in her conclusion which requires our intervention. The issue is, therefore, decided against the assessee. Addition on basis of seized material - Held that:- As rightly highlighted by the CIT (A), the assessee had failed to discharge the onus cast on him u/s 132(4A) of the Act even at this stage. In the absence of any plausible documentary evidence to rebut the stand of the authorities below, we are of the considered view that as the assessee had failed to properly/satisfactorily explain the generation of such funds and, accordingly, sustained the additions made on this count. Addition on ‘on money’ for sale of office space - Held that:- It is an undisputed fact that the amount in question has been received through cheques and, according to the CIT (A), the receipt of which by way of cheques has also been accounted for in the books of the society. Such being the scenario, the receipt of such payments through cheques cannot be categorized as ‘on money’ for sale of office space as branded by the AO. In view of the above facts, we are in agreement with the finding of the CIT (A) on this point. In essence, the deletion of addition of ₹ 11,85,630/- is sustained.
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