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2011 (3) TMI 1611 - GUJARAT HIGH COURTAddition on ground of Undisclosed Income - Documents seized from Third Party - During the course of search operations, loose documents indicated transactions involving the name of the assessee company were seized from third party - AO based upon such documents made addition on account of undisclosed income - Tribunal deleted such addition by stating if evidentiary value of the said loose papers and documents is considered, the same cannot possibly construed, as books of account regularly kept in the course of business and such evidence would, therefore, be outside the purview of section 34 of the Evidence Act, 1872 in the light of the ratio of the decision of VC. SHUKLA & ORS. [1998 (3) TMI 675 - SUPREME COURT] HELD THAT:- The conclusion arrived at by the Tribunal is on the basis of the findings of fact recorded by it cannot in any manner be said to be unreasonable. Said conclusion is based upon findings of fact recorded by it upon appreciation of the evidence on record, which findings have not been dislodged by the revenue by pointing out any evidence to the contrary, therefore, does not warrant any interference. Thus, the Appellate Tribunal was right in law in deleting the additions made on the basis of statements of third party. Decided in favour of assessee.
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