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2016 (5) TMI 331 - AT - Income TaxAddition on Cash received - addition made based on a document found at the premises of M/s. R.R. Movie Makers when there was a search at their premises - Held that:- Since the evidentiary value of the document was certainly examined it was held that in the absence of any corroborative evidence, the same will not have any evidentiary value. The Revenue did not establish that the said document was not prepared for distribution purposes. It is also on record that assessee in the statement recorded subsequent to the search also denied the document or receipt of the payments. Presumption u/s 292C - The reliance on Section 292C by the AO and CIT(A) is also not correct. Provisions of Section 292C are applicable in a case where a search was conducted or certain documents were requisitioned. The provisions were applicable only in the hands of the searched person. Assessee having been not covered by the provisions of Section 132 or 132A, the said provisions of 292C does not apply. Moreover, the assessment order was not passed even u/s. 153C. Therefore, the addition cannot be sustained in the hands of assessee only because certain documents stated to have been filed for the purpose of marketing the cinema and not the actual expenditure cannot be considered for making an addition in the hands of assessee. Accordingly, the grounds of assessee are allowed, the addition so made is deleted. - Decided in favour of assessee
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