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2015 (3) TMI 808 - HC - Income TaxUndisclosed investment - additions of two amounts of ₹ 1.50 lacs and ₹ 1 lac which the assessee claimed to have been received from his mother and wife respectively - Held that:- In the present matter undoubtedly the investment having been found to be in the name of the assessee and assessee alone, that too in the course of search and seizure under Section 132 of the Act, the presumption can only be that they form part of unaccounted income of the assessee and the mere fact of producing an affidavit by the wife or mother of the assessee may not be treated by the Assessing Officer as sufficient explanation and neither the Assessing Officer nor the Tribunal has found the same to establish the genuineness of the two transactions. The said findings are purely findings of fact which is in the domain of the Assessing Officer and the Tribunal and it cannot be said that the findings are either based upon no material and are perverse. This Court is of the view that such findings are the natural presumption to be drawn from the nature of evidence that the assessee had produced before the Assessing Officer. - decided against assessee.
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