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2019 (4) TMI 1947 - HC - Income TaxSearch proceedings - addition on account of cash payment for purchase of shops - ITAT deleted the addition as seized papers were not found from the premises of the assessee and hence presumption u/s. 132(4A), u/s. 292C - HELD THAT:- Assessee is an individual. He was the partner of the firm. The Income Tax Department had carried out search and seizure operation during which certain loose papers were collected. On the basis of loose papers additions were made in the hands of the individual partners and on protective basis on the hand of the firm. While deleting such addition in case of the present assessee the Tribunal noted that the documents nowhere show that any payments were made by same persons, no enquiry or verification was made with the seller of the shops or the developer. Tribunal therefore concluded that entries of the loose papers were not corroborated with any other evidence on record. The entire issue is based on appreciation of evidence on record. The Tribunal noted that the loose papers entries were not clear and not corroborated by any independent evidence. No question of law therefore arises.
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