TMI Blog2013 (7) TMI 915X X X X Extracts X X X X X X X X Extracts X X X X ..... d other valuable articles or things found in the possession or control of a person are presumed to be belonging to such persons and that the contents of such books of account are true. Accordingly, as per provisions of law, it was for the assessee to rebut the evidence found during the course of search and not for the AO to prove that the contents of documents were true and belonged to the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acts and circumstances of the case in deleting the addition of ₹ 53,74,850/- made u/s 69 of the I.T. Act, 1961, without appreciating the facts that the addition was made on the basis of documents seized during the course of search operation as per which the amount was found to be unexplained money received by the assessee on family settlement. 5. Whether the Hon'ble ITAT has erred in law ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,JJ. ORDER for Appellant :- Shambhu Chopra, Csc It Admit. Issue notice on substantial question of law nos.1 to 6 as follows:- 1. Whether the Hon'ble ITAT has erred in law and on facts in ignoring the provisions of Section 292-C of the I.T. Act, 1961, according to which the documents, books of accounts, money, bullion, jewellery and other valuable articles or things found in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law in relying on various decisions of Supreme Court in the case of Sumati Dayal vs. CIT 214 ITR 801 (SC) which were delivered prior to insertion of Section 292C by Finance Act, 2002 w.e.f. 01.10.1975, and accordingly did not represent the correct position of amended law. 4. Whether the Hon'ble ITAT was justified in law as well as in the facts and circumstances of the case in deleting the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cts and circumstances of the case in deleting the addition of ₹ 2, 92, 387/- on account of rental income, without appreciating the fact that the property was let out, therefore, the AO added the difference in the rental income declared by the assessee. The department will take steps to serve the respondent and file affidavit of service within six weeks. - - TaxTMI - TMITax - Income ..... X X X X Extracts X X X X X X X X Extracts X X X X
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