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TMI Blog2012 (4) TMI 204X X X X Extracts X X X X X X X X Extracts X X X X ..... tion that assessee was involved in the business of financing – Held that:- Findings recorded by the Tribunal are based on appreciation of evidence on record and any reasonable individual, having regard to Section 3 of the Evidence Act, would arrive at the same conclusion. The aforesaid finding cannot be said to be one based on 'No Evidence' nor can that finding be described as a perverse finding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee. Certain documents were found from the residence. One of such documents was in Annexure 'BS-1' having two pages numbering 23 and 24. Those papers contained working of interest @ 3% per month on total sum of Rs.3 lac. The assessee was directed to explain the contents of the document during the course of search. The reply of the assessee was that those papers were found from his father's drawer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d and it showed interest from month to month. The assessee could not explain as to why interest working had been charged from 1st October 1997 to 30th June 2002 and compounded monthly. The Assessing Officer, thereafter, mentioned that the assessee was involved in the business of financing, that is to say, cheque discounting as well as giving loans against security of cheques and again as no name w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as been preferred. 9. After hearing the learned counsel appearing on behalf of the appellant and after going through the aforesaid materials on record, we find that the authorities below, on the basis of the aforesaid materials recovered during the search, rightly had drawn the presumption in terms of Section 292C of the Act. 10. The findings recorded by the Tribunal are based on appreciat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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