https://www.taxtmi.com/caselaws?id=292409 The ITAT held that the addition of Rs. 1,29,82,873/- by the AO based on unrecorded sales and transactions was not justified. The presumption under Section 292C of the Income Tax Act was rebuttable, and the assessee successfully refuted ownership of the seized documents. The lack of inquiry and corroborative evidence by the AO weakened the case, leading to the deletion of the addition and allowing the assessee's appeal. en-us Fri, 12 May 2017 00:00:00 +0530 Tue, 22 Dec 2020 20:13:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292409 The ITAT held that the addition of Rs. 1,29,82,873/- by the AO based on unrecorded sales and transactions was not justified. The presumption under Section 292C of the Income Tax Act was rebuttable, and the assessee successfully refuted ownership of the seized documents. The lack of inquiry and corroborative evidence by the AO weakened the case, leading to the deletion of the addition and allowing the assessee's appeal. Case-Laws Income Tax Fri, 12 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292409