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2016 (6) TMI 644 - KARNATAKA HIGH COURTAddition based on the evidences seized during the course of search - Held that:- It is not in dispute that the basis for the addition made is page 1 of loose papers A/1/MKP seized not from the possession of the assessee but from the office premises of M/s. Mookambika Promoters belonging to the S.Chandrasekhar group of concerns. The learned CIT (Appeals) has observed that the document contains entries suggesting money transactions related to a property deal, between the assessee and Shri.S.Chandrasekhar. The person from whose possession the documents were seized, Shri.S. Chandrasekhar has also denied that any such transaction had taken place. Other than the seized document at page 1 of A/1/MKP found in the possession of the other person, the Assessing Officer has not brought on record any substantive material evidence to establish that the transaction had actually taken place. In this factual matrix, we concur with the finding of the learned CIT (Appeals) that the Assessing Officer has failed to substantiate with material evidence his stand that the entries at page 1 of seized material A/1/MKP represent undisclosed advances given by the assessee to Shri.S. Chandrasekhar. In view of the above, we find no reason to interfere with the finding of the learned CIT (Appeals) in deleting the additions made and consequently uphold by ITAT - Decided in favour of assessee
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