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2013 (4) TMI 749 - AT - Income TaxAddition on account of loans advances as per Promissory Notes - Held that:- A copy of assessee's letter dated 29.12.2009 duly acknowledged by the Assessing Officer in his Tapal on the same date in which the assessee has claimed to have clarified the impugned issue by stating that he has not signed any promissory note to Mr. Sunil D. Khosla, neither he knew any such individual. Similarly, his mother Malani D. Irshid had not taken any promissory note from any Shri Mandar Kelkar. So the Assessing Officer was not justified in reaching to the conclusion. The Assessing Officer has applied the presumption u/s.143(4A) against the assessee. Normally, the said presumption is applicable to the person from whose possession the document is found in the course of search action. The presumption under section 132(4A) is available only against the person from whose possession the document is found and not against the third person. In absence of clinching evidence against the third person as stated above, no action has been taken against him. In such situation, the Assessing Officer was not justified in making the addition of ₹ 31,50,000/- in case of assessee and same has been rightly deleted. - Decided in favour of assessee.
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