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2019 (9) TMI 1348 - HC - Income TaxAddition made in the course of search assessments u/s 153(A) - addition u/s 68 - HELD THAT:- As stated that the assessee too was not the owner of the mine, nor had he invested any amount and the inference drawn by the ITAT was, therefore, perverse and contrary to the facts. This Court is of the opinion that the A.O’s decision endorsed by the lower appellate authorities is based upon appreciation of the facts and documents. Assessee’s premises were searched; they yielded the document. In the course of the search, the assessee made certain admissions, especially with respect to the amounts invested. The later retraction made more than a year and three months later when this return was filed on 15.01.2013 i.e. stating Jagdish Panjwani was not the owner of the mines was not conclusive. The Court is also of the view that the initial burden of showing that the transaction had not taken place and statement made earlier was wholly incorrect or that the documents recovered did not support the findings, was not dislodged. The concurrent findings of fact are, therefore, warranted. Concurrent findings of the ITAT are those of fact.
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