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2013 (11) TMI 1272 - AT - Income TaxSearch and Seizure u/s 132(1) - Addition of unaccounted cash made on protective basis - Held that:- Addition on the basis of statement of the third party without any corroborative evidence is not tenable - protective addition in the hands of assessee firm has been deleted by the Commissioner of Income Tax(A) in all assessment years under consideration - Following Rama traders vs. First ITO [1988 (2) TMI 142 - ITAT PATNA] and in Asst. CIT v Kishore Lal Balwani Rai [2007 (6) TMI 299 - ITAT CHANDIGARH] - no addition could be made, on the basis of presumption raised by section 132(4A), in the hands of the assessee where in the books of another firm, certain figures were found showing the purchase made by the assessee – though the diary seized enable the revenue to presume that its contents are true, such presumptions is available only against the person to whom it belongs and this is a rebuttable Presumption - The Commissioner of Income Tax(A) held that the substantive additions made in the cases of Shri Mukesh Garg could not sustain, the protective additions made by the Assessing Officer in the hands of assessee partnership firm cannot survive - Decided against Revenue.
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