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2017 (12) TMI 1393 - AT - Income TaxAddition on the basis of notings on seized document - payment by cheques - document are presumed to belong to the assessee found in search - assessment u/s 153A - Held that:- The assessee has admittedly, paid cheque in two accounting years i.e. one ending March, 2005 and the second by April, 2005. The assessee had advanced sum of ₹ 62,50,000/- by three different cheques upto 31.03.2005 i.e. relating to assessment year 2005-06 and in the next year, had paid sum of ₹ 25 lakhs which was also returned by the said concern M/s. SAAR Properties. The second aspect which has to be noted that except for narration in front of Bora of 50, which admittedly, was paid by cheque, no other entry has been used as basis for making any addition in the hands of other persons, who admittedly, were the partners of M/s. SAAR Properties and had made investment in purchase of property. The third aspect which has to be kept in mind is the total investment in purchase of property of ₹ 92,10,000/-, which included both cash and cheque components. After inclusion of related expenditure, total investment is ₹ 1.35 crores, sum of ₹ 29,60,000/- has already been added in the hands of Shri Ashok Jain on account of his cash contribution though the entries at page 9 in front of his name were 190+1945=2135. In the entirety of the above said facts and circumstances, we are of the view that the said document which beside noting the acts to be carried out by the group of persons related to M/s. SAAR Properties, had talked of some projected figures; on account of such projected figures, no addition can be made in the hands of assessee. In any case, the assessee had advanced sum of ₹ 87,50,000/- by cheques and the breakup of cheques do not tally with the breakup of 110 noted on the said documents. In the entirety of the above said facts and circumstances, we direct the Assessing Officer to delete the addition made in the hands of assessee - Decided in favour of assessee.
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