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2017 (9) TMI 1624 - HC - Income TaxAddition u/s 68 - incriminating documents seized from the residence of the assessee and other persons, admission of key persons of the Group u/s 132(4)- Held that:- The seized paper was neither dated nor signed by the assessee or the seller of the property, the paper was vague in as much as balance amount was stated at ₹ 10,000 lacs and not ₹ 1 lacs and an agreement was also entered which was duly attested by the Notary on 17.9.2001, a copy whereof has been placed regarding the sale of the property in question. In this agreement it has been specifically mentioned that the seller of the property has received ₹ 10,000/- in cash at the time of signing the agreement and ₹ 9.90 lacs would be received in seven days at the time of registration. Thus in view of the agreement and sale deed, the contents of paper seized, loose its reliability besides, the sellers in their affidavit (pages 30 to 31 o the paper book) have affirmed that the agreed consideration for the sale of the property was ₹ 10 lacs only. It is also established position of law that an addition cannot be made solely on the basis of surrender made during the course of search or survey in absence of corroborative evidence in support. - Decided in favour of assessee.
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