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2021 (8) TMI 364 - AT - Income TaxUndisclosed receipts - search proceedings - During the course of search various loose papers were found and seized from the residential premises of the appellant - AO took in to consideration that the documents being represent the cash book prepared by the appellant himself in his own handwriting and observed that the assessee never provided working of these cash books neither explained the contents thereof - HELD THAT:- Inability on the part of the appellant to provide the names of the actual buyers and sellers as asked for by the Ld. AO was sole basis for adding the entire credit side of the receipts to the income of the appellant which, amounting to us, is not sustainable neither justifiable. It is neither mandatory on the parties of the authorities to presume that whenever books of accounts are seized, the same belongs to the assessee irrespective of any other facts which may dissuade the authorities from doing so. Preponderance of probability has to be taken into consideration before rejecting the explanation furnished by the appellant. When the appellant has not denied the fact of being a property broker then in the absence of undisclosed investment found during search the AO is not justified in adding the entire receipts shown in the credit side of the seized cash sheet as the income of the appellant as rightly been observed by the Ld. CIT(A) while deleting the addition made by the Ld. AO; the same according to us is just and proper and without any ambiguity so as to warrant interference. Hence, the ground of appeal preferred by the Revenue is found to be devoid of any merit and, thus, dismissed. Chargeability of interest u/s 234B(3) - HELD THAT:- Charge the interest as per sub-section (3) of Section 234B of the Act as made by the Ld. CIT(A) is just and proper and therefore, the same is hereby confirmed. Thus, this ground of appeal preferred by the Revenue is found to be devoid of any merit and hence, dismissed.
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