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2023 (4) TMI 371 - ITAT AMRITSARAssessment u/s 153A - offer of income by the appellant without corroborative incriminating material in search - Income surrendered u/s 132(4) during search - HELD THAT:- For the purposes of the present proceedings, we have held that the surrender admittedly on facts was made on mistaken belief of facts and law and in the face of the voluminous plethora of evidences countering each of the factors considered relevant by the Revenue for addition and that reliance was only placed upon statement of the Director and employees. In the instant case, no evidences countering/rebutting the argument of assessee on each of the factors considered relevant by the Revenue, particularly no incriminating material for addition. We have found that merely reliance is only placed upon statement of the assesse taken at the time of locker operation without confronting the incriminating material or any other corroborative evidence either at the time of recording statement u/s 132(4) or in the assessment proceedings. Such statement has no evidentiary value u/s 292C of the act as being not supported with any incriminating material/evidence. CBDT circular is binding on the revenue authorities as also followed by the CIT(A) in one of the Assessment year as above. The order of the CIT(A) is perverse to the facts on record. Accordingly, the addition made in respect of Assessment Year 2011-12 and 2012-13 is deleted. Addition of amount against bearer cheque - assessee’s signatures were appearing on the backside of this alleged cheque - HELD THAT:- CIT(A) failed to establish or prove in the light of the remand report of the AO and any other material evidence such as, report of the forensic expert, to corroborate the fact of fake/authenticity of the signatures on the back side of the disputed bearer cheque and its encashment by the assessee at a later date. In view of the matter, we hold that the order of the Ld. CIT(A) has infirmity and perversity to the facts on record on the issue of addition on account of amount against bearer cheque having fake/forged signatures of the appellant assessee. We accept the grievance of assessee as genuine and hold that the Id. CIT(A) was not justified confirming the aforesaid addition - Decided in favour of assessee.
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