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2016 (7) TMI 336 - AT - Income TaxAssessment u/s 153A - Addition on the basis of noting found in the seized paper - Held that:- The document was found exhibiting transactions in respect of division of asset. The onus was upon the assessee to explain the position of this document. The assessee did not deny the document. His bald statement was that ₹ 75 lakhs was not received by him or the family members. Now this statement is to be tested in the light of other circumstantial evidences, which suggested the execution of this document, and fulfillment of the obligations for the purpose of this document, then, how the weight can be given to a simple denial of the assessee vis-à-vis the evidence suggesting that transactions performed in compliance of the documents. The next reason given by the ld.counsel for the assessee is that no inquiry was made in the case of Shri Ramesh S. Kasat. The assessment has been framed under section 153A r.w.s. 143(3) of the Act. It is pertinent to note that there is no negative equity in law. It cannot be the case that if one person could not be caught while infringing the law then, other one has also right to infringe or to break the law. Even if no inquiry was made in the case of Shri Ramesh S. Kasat how the assessee would discharge his onus to prove that in compliance of page no.129, he has not received the payments. Thus, taking into consideration of the facts, we do not see any reason to interfere in the concurrent finding of the ld.Revenue authorities. Addition confirmed by the ld.CIT(A) to the extent of ₹ 75 lakhs are upheld. - Decided against assessee Unexplained investment in shop - addition made on the strength of DVO’s report - Held that:- As during the course of search no incriminating material was found which can help the AO to make additions. Thus additions deleted - Decided in favour of assessee
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