Taxpayer Fails to Disprove Presumption u/s 132(4A) of Income Tax Act; False Claims Lead to Adverse Findings.

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....Onus lay upon Assessee to displace said presumption. As we have seen that Assessee gave explanation disowning documents stating that same related to some others but those others denied. It shows that a false statement given by Assessee. Assessee, therefore, fails to dislodge presumption, which, the authorities were justified, in drawing against Assessee, in view of Section 132(4A) of Act, 1961 - HC....