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2022 (9) TMI 243 - AT - Income TaxUndisclosed income surrendered by the assessee at the time of search - ad hoc disclosure under coercion, threat and undue pressure - presumption u/s 292C - the document belonged to the assessee - Reliance on the statement made by the key person of the group after approximately two months from the date of search - HELD THAT:- A joint inspection was carried out on 28.12.2021 but the said document could not be found in the assessment folder and this was duly admitted by the D.R. during the course of hearing before us. So we are unable to comment on the contents of BSA/1 the document which was seized during the course of search and was stated to the belonging to the assessee but the undisputed position is that no addition can be made on the basis of ad hoc disclosure made during the course of search or post search when there is no corroborating evidence. In the present case only BSA/1 was seized during the search which was denied by the assessee in the assessment proceedings. Assessee cannot be slapped with tax liability based upon the information contained in the document which could not be produced before the Bench despite the specific direction. We note that the search team has not found any cash, money and not other assets corroborating the said addition in the hands of the assesse. Therefore presumption of section 292CA of the Act cannot be applied in this case. So far as the another plea of the income tax authorities is concerned that the retraction was made only in the return of income, we are not satisfied with the said plea as the assessee has retracted the disclosure in the return of income itself and the case is supported by the decision of Co-ordinate Bench in the case of Shri Lalji Khimjibhai Patel [2019 (10) TMI 998 - ITAT RAJKOT] - Appeal of assessee Allowed.
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