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2009 (11) TMI 38 - HC - Income TaxCash found during search and seizure operation u/s 132 - block assessment – ITAT deleted the addition on the ground that the assessee has explaed the source of money recovered from him. ITAT further observed that The assessee's income is to be assessed by the assessing officer on the basis of material which is required to be considered for the purpose of assessment and ordinarily not on the basis of the statement of third party unless and until there is a material to corroborate that statement. - . The mere fact that one of the accomplish tendered inconsistent statement that itself cannot be treated as having resulted in an irrebuttable presumption against the assessee specially when in the receipt seized alongwith the money names of these persons are mentioned, the statements of these persons were duly recorded and they were examined by the assessing officer. – held that - The finding of the Tribunal has not been shown, in any manner, to be perverse. The questions proposed cannot be held to be substantial questions of law – decided in favor of assessee
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