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2019 (3) TMI 276 - AT - Income TaxUndisclosed interest income - search & seizure operation conducted u/s 132 - dump documents relied upon - addition made on the basis of unsigned, unnamed & dumb document showing hypothetical figure for 13 years - AO has invoked the provisions u/s 292C that there is a presumption that the contents of the documents are true - HELD THAT:- No money, bullion or investment was found during the search and seizure operation to corroborate the document in question. Date and amount has been jotted down in the seized document with one year gap but it is beyond imagination as to how the amount written has been attributed to the assessee having been given as loan to someone because there is neither name of the assessee nor the name of the loanee. The entire findings have been arrived at on the basis of presumptions and assumption that the amount of ₹ 12,00,000/- attracts the interest @ 18% because when we examine para 5.4, the AO has tabulated the presumptive figure of interest calculated @ 18% on the principal amount of ₹ 12,00,000/- but after 31.03.2007 till 31.10.2013 interest figures continued the same i.e. ₹ 5,31,217/-. The coordinate Bench of the Tribunal in assessee’s own case in AY 2008-09 [2018 (3) TMI 1406 - ITAT DELHI] has deleted the addition for AY 2008-09 made on the basis of same seized document A-1 on the ground that alleged interest income cannot be attributed to the assessee on the basis of dumb document. Addition made on the basis of unnamed, unsigned, undated, vague and ambiguous document without any further corroboration is not sustainable in the eyes of law - Decided in favour of assessee.
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