2005 (1) TMI 360

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..... this appeal are that the assessee is aged about 80 years. During the course of search, certain blank promissory notes along with acknowledgement issued by M/s Akshami Investment (P) Ltd. for aggregate value of Rs. 1 lakh were found. The AO held that the blank promissory notes are the evidence for investment made by the assessee to the tune of Rs. 1 lakh and, therefore, he concluded that the sum of Rs. 1 lakh is assessable as undisclosed income in the block assessment. In the course of block assessment proceedings, the assessee had explained that the impugned documents are not an evidence of investment made by the assessee. It was submitted that the promissory notes were mere proposals which did not materialize and, therefore, no undisclosed .....

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..... e assessee has invited my attention to the seized documents which are placed in the paper book to show that the name of the assessee is not found on the seized documents and the dates on the promissory notes are mentioned the year 1996 whereas the search has taken placed in December, 1998. The learned counsel for the assessee has submitted that the onus to show the investment made by the assessee before making any addition under s. 69 of IT Act, 1961, lies on the Revenue. In the case of the assessee, the impugned documents, which do not bear the name of the assessee, were found at the time of search. The assessee by producing cogent evidence in the form of affidavit of the person having signed seized documents established that the seized do .....

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..... f there being documentary evidence found in the course of search, nothing more is required to discharge the burden under s. 69 of the IT Act, 1961. The learned Departmental Representative has placed reliance on the orders of the Revenue authorities and submitted that the addition made by the AO is correct and, therefore, the appeal filed by the assessee is liable to be dismissed. 7. I have considered the rival submissions and perused the relevant material on record. The assessee has placed affidavit of Shri L.K. Jain at page No. 18 of the paper book. The perusal of the affidavit clearly indicates that he has given the affidavit to explain the seized documents found in the course of search at the premises of the assessee. He also made stat .....

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