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TMI Blog2012 (10) TMI 95X X X X Extracts X X X X X X X X Extracts X X X X ..... of property from Mithlesh Singh and against that the said amount of Rs.36,00,000/- has been paid by the assessee. The very foundation of this assumption is the name of Mithlesh Singh on the paper seized, but apart from this there is no fact on record nor any inquiry was held by the AO to find out any transaction that in fact there was any transaction with Mithlesh Singh, relating to the immova ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e course of search on 18.7.2006 some loose sheet of paper was seized from the residence of Dr. K.K. Sinha, the assessee's premises. The requisite notice was issued to the assessee and he was asked to explain the nature of transactions of Rs.52,00,000/- written in the loose papers. The assessee explained that the figures related to the planning made for payment of margin money for the proposed term ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ansactions relating to the seized papers wherein the assessee submitted that the notings pertained to arrangement of fund for depositing margin money in the bank for securing loan for the purpose of buying C.T and MRI machines. These machines were purchased by the assessee for its diagnostic centre from M/s Siements Limited. These facts are verifiable from the books of account. The C.I.T, Appeal a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re, it may be presumed that amount was paid to the said Mithlesh Singh for purchase of immovable property. It appears that because of the mention of the name of one Mithlesh Singh, it was presumed that there must be some contract for the purchase of property from Mithlesh Singh and against that the said amount of Rs.36,00,000/- has been paid by the assessee. The very foundation of this assumptio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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