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TMI Blog2011 (11) TMI 513X X X X Extracts X X X X X X X X Extracts X X X X ..... proceeded on the basis of the presumption under Section 132(4A). The said presumption would arise only when the indiscriminate materials found during the search and having regard to the contents available on record, it cannot be said that the said letter would prove that Plot 'No'. 7-B belong to the assessee, hence addition not justified - in favor of the assessee - IT APPEAL NO. 1295 OF 2006 - - - Dated:- 30-11-2011 - V.G. SABHAHIT AND S.N. SATYANARaYANA, JJ. E. Sanmathi Indrakumar for the Appellant. S. Parthasarathi for the Respondent. JUDGMENT 1. This appeal is filed by the revenue being aggrieved by the order passed in Miscellaneous Petition No. 34/Bang/2006 in IT(SS) A. No. 44/Bang/02 for the block assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceived from the name of the persons whose name has been entered in the ledger found during the search. However, the Assessing Officer passed the order of assessment on 29.05,2001 for the above referred block period under Section 148(3) read with Section 158-BC of the Act and added undisclosed income of Rs. 8,32,000/- regarding sale of the plot No. 7-B, in view of the presumption under Section 132(4)(a) of the Act and further on the basis of the ledger found also added income of Rs. 16,00,000/-. Being aggrieved by the said order, the assessee preferred appeal before the Commissioner of Income Tax (Appeals) in ITA No. 167/2001-02 on the file of the Commissioner of Income Tax (Appeals) - VI. Bangalore and the Appellate Authority by order dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch comprises of a ledger book and also letter written in the letterhead of the assessee regarding sale of plot No.7-B, Saijapur Road, Bangalore. The learned counsel further submitted that the income received from the persons whose name is entered in the ledger was not accounted to in the return and wherefore the estimation of income has been made by the Assessing Officer and therefore the Appellate Authority could not have set aside the said addition made by the Assessing Officer, He further submitted that the Assessing Officer has rightly drawn the presumption under Section 132(4-A) of the Act, as the assessee has failed to produce any document to substantiate the contention that the site did not belong to him and also failed to produce Ka ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the income which the assessee might have received from the person, his name has been entered in the ledger. The ledger itself does not mention the amount received and wherefore the finding of the Assessing Officer regarding the professional income received in a sum of Rs 16,00,000/- is based upon the estimate of income which the assessee must have received and is not based upon the material found during search as ledger does not mention the amount received from the person, whose name is mentioned in the ledger and therefore such estimation could not have been done by the Assessing Officer and the concurrent finding arrived at by the Appellate Authority and the Income Tax Appellate Tribunal that the said addition is liable to be deleted is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he consideration amount has been paid to Harshit Entrade Private Limited and the balance amount of Rs. 32,000/- is credited to the account of Kamal and wherefore the concurrent finding arrived at by the Appellate Authority and the Tribunal and the addition of Rs. 8,32,000/- towards the unexplained investments in land and it does not call for interference in this appeal. Accordingly the second substantial question of law is also answered against the revenue and in far/our of the assessee. 8. Accordingly we pass the following: ORDER The appeal is dismissed. Original records shall be returned to the learned counsel appearing for the appellants. Note: "The above is true transcription of the judgment dictated to me by late Hon'bl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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