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2010 (9) TMI 847 - HC - Income TaxIncome from commission on sales - addition of income - Tribunal deleted the addition - Held that:- In view of sub-ss. (4) and (4A) of s. 132 the AO was justified in drawing presumption against the assessee and had made addition of Rs. 9,00,000 in his income under s. 68. The onus was upon the assessee to have produced cogent material to rebut the aforesaid presumption which he had failed to displace. The assessee retracted from the said statement vide letters dt. 24th Nov., 1998 and 11th March, 1999 during the course of assessment proceedings. However, no value could be attached thereto in the present case. In case the statement which was made by the assessee at the time of search and seizure was under pressure or due to coercion, the assessee could have retracted from the same at the earliest. No plausible explanation has been furnished as to why the said statement could not be withdrawn earlier. In such a situation, the authenticity of the statement by virtue of which surrender had been made at the time of search cannot be held to be bad. The Tribunal, thus, erred in concluding otherwise. The Tribunal, therefore, was not justified in reversing the order of the AO which was affirmed by the CIT(A) also. In favour of revenue.
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