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2017 (12) TMI 65 - HC - Income TaxSearch and seizure proceedings under Section 132 - whether the statements made in the course of the search and seizure operations, having regard to Section 132(4), could not be binding upon it? - Held that:- CIT(A) view that the statement under Section 132(4) could not bind the assessee is, in the opinion of this Court, correct. The text of Section 132(4), clarifies that the presumption arises in the case of the searched party. In case the statements by the party whose premises are searched, or to be attributed to a third party – as in the case of the assessee, there has to be a connect or corroboration. Clearly, there was none in the present case. On this score, the addition made by the AO was unsustainable; the CIT(A) correctly directed the cancellation. The other factual detail is that no incriminating material was found from the assessee’s premises. In the circumstances, the ruling in Kabul Chawla (2015 (9) TMI 80 - DELHI HIGH COURT) squarely applies. - Decided against revenue
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