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2018 (2) TMI 1690 - AT - Income TaxAssessment on the basis of the voluntary statement - Surrender u/s 132(4) - retraction of statement - Held that:- Surrender made by the assessee is not supported by any incriminating material or evidence unearthed during the course of search or has been found during the course of the assessment proceedings. Accordingly the revenue’s appeal is dismissed. Jewellery found from the residence and was found from the locker - addition to income - Held that:- A document was found from the possession of the assessee which clearly shows a receipt of sum of ₹ 5 lacs in cash towards the purchase of the property. The assessee’s submission is that the property dealer had given a proposal to the assessee for the purchase of said plot and the signed receipt in cash by the purchaser was given as a matter of practice. Since assessee did not like the location, therefore, he declined to purchase the same. Such an explanation is neither corroborated by any evidence nor any confirmation by the said broker. Once a document has been found from the possession of the assessee then there is a presumption u/s 292C r.w.s. 132(4A) that it belongs to the assessee and onus is very heavy upon the assessee to show that the income/ expenditure mentioned in such document does not pertain to the assessee. Here in this case there is a clear cut receipt of payment of cash of ₹ 5 lacs which assessee has failed to rebut by adducing any proper evidence and therefore, finding given by the Ld. CIT (A) is confirmed. - Decided against assessee.
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