Law:

Section:

Section 132 of the Income-tax Act, 1961 - Search and seizure - Block period 1-4-1995 to 18-3-2002 - Assessee was a director in a company which was in business of property development and real estate - During a search conducted at business premises of said company, two diaries were seized from assessee - Notings in those diaries included appointments, reminders, noting/jottings, etc. - On being questioned, assessee explained that notings in said diaries were in connection with general property related discussions and had nothing to do with actual transactions - Assessing Officer, however, raised a presumption against him in view of provisions of section 132(4A) and made addition on account of entries recorded in said two diaries - On appeal, Commissioner (Appeals) deleted addition - On revenue's appeal, Tribunal held that provisions contained in section 132(4A) did not authorize Assessing Officer to raise such a presumption, particularly when assessee had offered explanation along with documents and evidences and had also furnished an affidavit to that effect - Tribunal further returned a finding of fact that there was no corroborative or direct evidence to presume that notings/jottings recorded in said two diaries had materialized into transactions giving rise to income which had not been disclosed in regular books of account - Tribunal, therefore, upheld order of Commissioner (Appeals) - Whether findings of facts recorded by Tribunal could be interfered with - Held, no FACTS The assessee was a director in a company which was in the business of property development and real estate. During a search conducted at the assessee's residential premises as well as at office premises of the company, two diaries were found and seized. The notings in those diaries included appointments, reminders, notings/jottings, etc. On being questioned, the assessee had explained that the notings in the said diaries were in connection with general property related discussions and had nothing to do with actual transactions. The Assessing Officer accepted the assessee's explanation, but raised a presumption against him in view of the provisions of section 132(4A) and made addition on…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492