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2023 (2) TMI 1161 - AT - Income TaxAddition u/s 69A - unexplained money addition - eligible to be set off as well both against unaccounted cash as well as unaccounted jewellery - HELD THAT:- DR could hardly dispute that the foregoing twin judicial precedents are already in assessee’s support that such a set off could very well be granted even against jewellery items and vice-versa. This is further coupled with the clinching fact that seized material against the assessee found during the course of search on 04.11.2017. There is neither any amount mentioned therein nor the sum total thereof so as to draw any presumption of correctness of contents thereof u/s 292C of the Act. Assessee’s search statement had admitted various amounts as per the contents of seized document - We find no merit in the Revenue’s instant argument in light of CBDT’s twin landmark circulars dated 10.03.2003 and 18.12.2004 that a searched party’s admissions or confessions during search or survey hardly carry any significance in the absence of any supportive evidence. We reiterate that the foregoing sole seized document is totally “dumb” as there are no clear-cut entries which could suggest any payments or receipts, as the case may be involving this assessee - Decided in favour of assessee.
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