TMI Blog2001 (2) TMI 74X X X X Extracts X X X X X X X X Extracts X X X X ..... 132 of the Income-tax Act, 1961?. 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in sustaining the addition made by the lower authorities under section 68 when the cash credits are found in the books of account seized under section 132?" The dispute relates to two years, i.e., assessment years 1970-71 and 1972-73. A brief reference to the factual aspects would suffice. A search was conducted in the premises of the assessee on December 8, 1972, under section 132 of the Act. During the course of search, certain books of account and other documents were seized by the authorised officials. Certain cash credits were noticed in the books of account seized. At the time of assessment for the assessment yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eing of this view, the application of section 68 of the Act was upheld. On being moved for reference as aforesaid, the two questions have been referred for the opinion of this court. We have heard learned counsel for the Revenue. There is no appearance on behalf of the assessee in spite of notice. Learned counsel for the Revenue submitted that section 132(4A) and section 68 operate in different fields and, therefore, the Tribunal was justified in its conclusions. In order to appreciate the stand of the Revenue, it would be relevant to quote sections 132(4A) and 68 of the Act as they stood at the relevant point of time. "132.(4A)Where anybooks of account, other documents, money, bullion, jewellery or other valuable article or thing are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Laws (Amendment) Act, 1975, with effect from October 1, 1975. Clause (ii) thereof, on which reliance was placed by the assessee before the authorities, provides that the contents of "such books of account and other documents are true". The expression relates to any books of account or other documents, etc., found in the possession or control of any person in the course of a search. The presumption arises in respect of the contents of such books of account and other documents. Such presumption arising under section 132(4A) is clearly linked with the search and seizure. Sections 132A and 132B of the Act provide an integrated scheme laying down the procedure for search and seizure and the power of the authorities making the search and seiz ..... X X X X Extracts X X X X X X X X Extracts X X X X
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