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2016 (1) TMI 1472 - AT - Income TaxUnexplained investment in the property - Addition based on seized papers - HELD THAT:- Since no explanation of the assessee have been called for on the seized papers specifically, therefore even if presumption under section 292C lay against the assessee but fact remained that the revenue has also failed to explain about the entries contained in the seized paper. The assessee explained that these are rough notings and dumb documents and assessee did not make any investment in purchase of any of the property, therefore, it is for the revenue to explain that assessee actually made investment in some identified property. As noted above, the Assessing Officer merely presumed purchase of some property without having any area or location or identity of the property in it, therefore, on mere presumptions, such a huge addition against the assessee would be wholly unwarranted. Considering details noted in the seized paper, it is clear that the seized paper is merely a rough noting having mentioning the year 2003-04, therefore, Assessing Officer was not justified in interpreting the seized paper to be a purchase of property by assessee and others. The seized paper is, therefore, clearly dumb document and did not lead to anywhere so as to make any addition against the assessee. We, accordingly, set aside the orders of authorities below and delete the entire additions.
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