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2011 (10) TMI 605 - HC - Income TaxAddition mentioned in the incriminating documents seized during search operations, particularly, disregarding statement of the assessee recorded under s. 132(4) - Whether, in law, in respect of hundies/promissory notes recovered and seized during the course of search the onus is cast on the AO to prove that the amount shown in such hundies/promissory notes was actually advanced by the assessee ? - Tribunal was justified in upholding CIT(A)'s order whereby the CIT(A) deleted addition - Held that:- The findings recorded by the CIT(A) and affirmed by the Tribunal are based on proper appreciation of facts and are not perverse, being correlated with each and every transaction. Thus, the issue is purely question of facts. No question of law, more so substantial questions of law, as aforestated, arise in the facts of the case.
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