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2014 (1) TMI 660 - HC - Income TaxWhether an assessment order regarding undisclosed income passed on the basis of loose sheet of papers has no evidentiary value - Held that:- The lease agreement entered into between the assessee and the landlord concerning the first-floor of the premises at Safdarjang Enclave, New Delhi, was in existence for the said period - The documents identified as document no.6 contained entries regarding higher rent paid for the said premises for various periods - Based on the entries, the Assessing Officer and the CIT(Appeals) arrived at the concurrent findings of fact that higher rent was paid for the rented premises - The Assessing Officer observed that the rented premises was in the heart of the city of New Delhi at Safdarjang Enclave and the rent is not likely to be Rs.6000/- per month and that to be it would not remain fixed for all the four years. Since loose-sheets seized are documents within the meaning of section 158B(b), there is presumption raised under section 132(4A) regarding the documents seized - In the light of the presumption under section 132(4A), the assessee ought to have produced other documents to disprove the entries made in the loose sheets - The assessee has not adduced any rebuttal evidence to show that the entries made in the diary/loose sheets were not income in the hands of the assessee - The lower authorities recorded concurrent findings of fact and the Tribunal was justified in confirming the additions – Decided against assessee.
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