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2020 (2) TMI 845 - HC - Income TaxAdditions made on the basis of loose papers found and impounded from the premises of the assessee - Presumption u/s 292C - CIT(A) applying the telescoping reduced the addition giving partial relief to the assessee - ITAT confirmed the order of CIT(A) - HELD THAT:- There is nothing on record to come to the conclusion that the Tribunal has ignored the material which is required to be considered or has taken into consideration the material which is not relevant. Moreover, it is not the case of the Revenue that the Tribunal has arrived at the aforesaid finding of fact without any evidence. Therefore, the application of Section 100 of the Indian Evidence Act cannot be said to be ignored by the Tribunal, as canvassed by the Revenue. In the facts of the case, the Tribunal has considered in detail in respect of each of the additions deleted by the CIT(A) and after analysing the material, the Tribunal has confirmed the order passed by the CIT(A). As such there are concurrent finding of fact as stated hereinabove, it cannot be said that the order of the Tribunal is perverse in upholding the order passed by the CIT(A) deleting the additions made by the Assessing Officer on the basis of loose papers found and impounded from the premises of the assessee. The Tribunal has also upheld the inference drawn by the CIT(A) under Section 292C of the Act, 1961 so as to sustain the additions made by the CIT(A). Tribunal has given cogent reasons and arrived at conclusion on the basis of the materials and the fact found on record, which cannot be interfered in absence of any material on record to show the contrary fact on record. - Decided against Revenue.
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