TMI Blog2023 (1) TMI 415X X X X Extracts X X X X X X X X Extracts X X X X ..... details given by the assessee has not been shown to be untrue or contrary to the facts stated before the authorities. We are of the view that assessee has discharged the onus cast upon it. As far as the presumption u/s 292C is concerned, we are of the view that the provision of section 292C is only a deeming provision. The presumption under section 292C of the Act is rebuttable presumption and the document has to be considered considering the totality of the facts of the case. The deeming provision cannot be applied mechanically ignoring the facts of the case and the surrounding circumstances. No addition of the impugned amounts is called for. We, therefore, direct the deletion of the additions made by AO and upheld by CIT(A). Thus th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s) (hereinafter referred to as Id. CIT (A) ) has erred in law as well as on the facts of the case by confirming the following additions:- (a) Addition towards alleged payments/deposits from others as per page no.- 74A of annexure- A-2 treating the same as own undisclosed money introduced in the name of allottes, u/s 68 of the Income Tax Act, 1961. Rs.51,39,000/- (b) Addition towards alleged receipt of money from various persons as per page no. 12 of Annexure -A-2 holding the same as unaccounted money of the appellant. Rs.66,31,000/- The various findings made by the authorities below for making and upholding the additions as above are based on assumptions and irrelevant considerations unsupported by any material on record ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndisclosed income of the assessee as the persons mentioned in that annexure have either denied any relation with the entries shown therein or had stated that they had got their money back/refunded. Assessee explained the transaction and inter alia submitted that out the aggregate amount of Rs.1,27,97,000/-, it has paid back Rs.72,23,000/-. AO noted that since assessee had not given details of the amount of Rs.72,23,000/- he considered the balance amount of Rs.72,23,000/- to be assessee s own undisclosed money which was introduced by the assessee through the old/non-existent allottees. He, accordingly, made its addition u/s 68 of the Act. 7. With respect to the impugned addition of Rs.66,31,000/-, AO noted that during the course of assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 31,000 made by AO is concerned, CIT(A) noted that AO had made computational error while making the addition resulting into excess addition of Rs.11,00,000/-. He, accordingly, granted relief to the extent of Rs.11,00,000/- and upheld the addition to the extent of Rs.66,31,000/-. Aggrieved by the action of CIT(A) in upholding the addition, assessee is now before the Tribunal. 9. Before us, Ld AR reiterated the submissions made before the lower authorities and further submitted that the addition of the impugned amounts have been made by the AO only on the basis of the seized documents found during the course of search and by presuming the document belongs to the assessee and the contents thereof to be true. He pointed to the copy of the sei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the laptop found during the course of search. He therefore submitted that it is a settled law that no addition can be made only on the basis of documents found during the course of search and for making addition the document found should also be supported by other evidences. He further submitted that the AO has made the addition merely on suspicion and surmises which is unjustified and untenable. He further submitted that it is a settled law that the presumption howsoever strong cannot substitute evidence. He further submitted that that Hon ble Punjab and Haryana High Court in the case of CIT vs. Ram Narain Goel reported in 224 ITR 180 has held that suspicion however strong cannot take the place of evidence or proof. He therefore reitera ..... X X X X Extracts X X X X X X X X Extracts X X X X
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