https://www.taxtmi.com/caselaws?id=787484 In search assessments, the statutory presumption under the Income-tax Act is rebuttable and arises only after the Department lays a proper factual foundation. Seized slips that merely recorded student admissions, together with a retracted and uncorroborated statement, were insufficient to prove capitation fee collection or unaccounted cash, so the additions could not be sustained. On the exemption issue, alleged diversion of trust funds for trustees' personal benefit could not be inferred without proof of the primary allegation of collection and diversion; accordingly, denial of exemption under section 11 was not justified. en-us Mon, 02 Mar 2026 00:00:00 +0530 Tue, 14 Jul 2026 15:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787484 In search assessments, the statutory presumption under the Income-tax Act is rebuttable and arises only after the Department lays a proper factual foundation. Seized slips that merely recorded student admissions, together with a retracted and uncorroborated statement, were insufficient to prove capitation fee collection or unaccounted cash, so the additions could not be sustained. On the exemption issue, alleged diversion of trust funds for trustees' personal benefit could not be inferred without proof of the primary allegation of collection and diversion; accordingly, denial of exemption under section 11 was not justified. Case-Laws Income Tax Mon, 02 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787484