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2020 (5) TMI 213 - AT - Income TaxRectification u/s 254 - Investment in mines - HELD THAT:- Order has been passed by the Tribunal after appreciation of all material on record including statement recorded during the course u/s 132(4) which carries the evidentiary value, the retraction made after made during the course of assessment proceedings after a considerable lapse of time which was not accepted, the post search statement, the contents of the agreement found at the premises of the assessee during the course of search. The assessee has contested the said findings of the Tribunal before the Hon’ble High Court and the same has been further examined by the Hon’ble High Court and no finding has been recorded by the Hon’ble High Court in terms of any perversity in the order so passed by the Tribunal which has been passed after considering the material available on record. The Hon’ble High Court has also held that “The Court is also of the view that the initial burden of showing that the transaction had not taken place and statement made earlier was wholly incorrect or that the documents recovered did not support the findings, was not dislodged.” We therefore find that the findings of facts of the Tribunal have been affirmed by the Hon’ble High Court and in such circumstances, there is no basis for entertaining the present Misc. Application so filed by the assessee u/s 254(2). Misc. Applications so filed by the respective assessees are hereby dismissed
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