Judicial update: Assessee is one of the persons covered under search & seizure. Addition was made on account of peak amount of unexplained cash on basis paper seized from premises of professional colleague who is also subjected to search. However, on cross examination, his colleague negated to have any transaction whatsoever with assessee. Assessee contended that presumption of section 132(4A) can be used against person in whose possession the search material found and not against any other person. Further no corroborative evidence found with assessee during course of search on assessee. ITAT agreeing view of CIT(A) held that presumption of 132(4A) only be used against person in whose possession seized material found and in absence of any corroborative evidence, addition is not sustainable. As held by Delhi ITAT in case of ACIT vs Anil Khandelwal (ITA Nos.5516 & 5517/Del/2012) order dated July 18, 2014.
Posted on: Mon, 21 Jul 2014 13:54:07 +0000
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