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2017 (12) TMI 1170 - KERALA HIGH COURTDisallowance u/s 37 - benefit of presumption under Section 132 (4A) - documents seized at the time of search - Held that:- No hesitation to hold that the presumption under Section 132(4A) of the Act applies in favour of the assesses insofar as the expenditure being supported by the documents seized at the time of search. There is no need for a further proof under Section 37, since as we have found, the Assessing Officer did not endeavor to carry out an enquiry and investigation into the source of investment or the genuineness of the expenditure made. However, the presumption can have effect only to the extent of the documents seized and nothing further. - Decided in favour of assessee
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