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2011 (3) TMI 680 - AT - Income TaxPenalty - Addition - Search and seizure - whether the loose documents can be the basis for impugned addition - In the present case, the assessee was not confronted with these documents as the assessee was in imprisonment - There is no valid seized material to come to the conclusion that the assessee has actually made an investment at Rs. 69,27,500 - The evidence on record is not sufficient to support the revenue's case that assessee made investment in land - Decided in the favour of the assessee
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