9911796707
TMI Blog1982 (5) TMI 82X X X X Extracts X X X X X X X X Extracts X X X X ..... hat s. 132(4A) came on the statute subsequently through the Taxation Laws (Amendments) Act, 1975 w.e.f. 1st Oct, 1975 and could not be invoked in the assessee's case?" Inasmuch as, in our opinion, the above said question does not call for reference, we are unable to accept the request of the concerned Commr. for the following reasons. 2. The asst. yr. involved is 1972-73 for which the 'previous year' ended on 1st Mar, 1972. In the course of search and seizure operations u/s 132 of the IT Act, the revenue found some papers on which Rs. 10,000 each against M/s. Kanahiya Lal Om Parkash and M/s. Charan Ram Barkat Ram were mentioned with date of 26 Apr, 1971. The ITO asked the assessee to explain the said two notings and not finding the ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ply to the said query, is available from the following observation in para 3 of the assessment order made by the ITO: ".......In reply thereto, it is stated that the position of loose papers was given in writing and if still this is not satisfactory, the entries may be got verified from the concerned parties. It may be mentioned that no entries are made in the other parties' books." On the basis of this explanation, the ITO observed that the above said explanation cannot absolve the assessee for proper explanation of the papers seized from his premises during search and seizure and hence he made an addition of Rs. 20,000. There is no controversy about the facts and the two parties were not summoned by the ITO and at the most the paper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. From the above finding, it is apparent that it is on the basis of facts alone that the Tribunal mainly based its finding and accepted the contention of the assessee regarding s. 132(4A) and only made and incidental observation that "The burden of the assessee firstly in the absence of specific provisions in that regard like s. 132 (4A) which came on the statute subsequently inserted by the Taxation Law (Amendment) Act, 1975, with effect from 1st Oct, 1975, on 28th Feb, 1974 when the said Amendment Act was placed on the floor of the House, the assessee's case being in respect of earlier year, is on a stronger pedestal so far as even the burden of papers found in the course of search and seizure are concerned." The above observation is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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