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2009 (8) TMI 668 - HC - Income TaxSearch and Seizure- Whether under the facts and circumstances of the case, the Tribunal is justified in law in not giving finding in its order with regard to the applicability of presumption under section 132(4A) of the Income-tax Act, 1961 to the assessment proceedings? Held that- the Assessing Officer after considering the overall evidence available on record rejected the explanation of the assessee that the three sets of loose sheets were fabricated and unreal documents giving cogent reasons for disbelieving the confession statements of the two accountants. The reasoning assigned by the Commissioner (Appeals), which had subsequently affirmed by the Tribunal for accepting the explanation of the assessee and reversing the finding of the Assessing Officer was devoid of logic. The Tribunal was legally bound to record its findings with regard to the applicability of the presumption u/s 132(4A) of the Act to the assessment proceedings. This aspect was all the more significant in view of the provision contained in section 292C, which was inserted by the Finance Act, 2007 and has been given retrospective effect from October 1, 1975 and provides for legal presumption. The Tribunal was not justified in law in not giving finding in its order with regard to the applicability of the presumption under section 132(4A) to the assessment proceedings.
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