TMI Blog2019 (4) TMI 1947X X X X Extracts X X X X X X X X Extracts X X X X ..... f the firm. The Income Tax Department had carried out search and seizure operation during which certain loose papers were collected. On the basis of loose papers additions were made in the hands of the individual partners and on protective basis on the hand of the firm. While deleting such addition in case of the present assessee the Tribunal noted that the documents nowhere show that any payments ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT was justified in deleting the addition on account of cash payment for purchase of shops by holding that the seized papers were not found from the premises of the assessee and hence presumption u/s. 132(4A), u/s. 292C of the I T Act, 1961 are not applicable, without appreciating that the seized papers we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le deleting such addition in case of the present assessee the Tribunal noted that the documents nowhere show that any payments were made by same persons, no enquiry or verification was made with the seller of the shops or the developer. Tribunal therefore concluded that entries of the loose papers were not corroborated with any other evidence on record. 3. It can thus be seen that the entire is ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
