2022 (5) TMI 858

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....uestions of law for the consideration of this Court: "A. Whether on the facts and in the circumstances of the case, Income-tax Appellate Tribunal, was right in law in confirming the addition of Rs.61,01,104/- made by the Assessing Officer as unexplained income of the appellant firm for A.Y. 2004-05? B. Whether on the facts and in the circumstances of the case, the conclusion reached by the Income Tax Appellate Tribunal to uphold the addition of Rs.61,01,104/- as unexplained income of the appellant firm for A.Y. 2004-05 is such as could have been arrived at from the material on record or is reasonable which could be arrived?" 3 The Income Tax Appellate Tribunal looked into the two issues for the purpose of deciding the appeal filed by....

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...., money, bullion, jewellary or other valuable article or thing are or is found in the possession or control of any person in the course of a search under section 132 or survey under section 133A, it may, in any proceeding under this Act, be presumed- (i) xxxxxxxxxxxxxxxxxxxxxxx ii) that the contents of such books of account and other documents are true; and 9.3 In view of the above, there remains no ambiguity that the onus lies upon the assessee to prove that the transactions shown in the seized paper do not represent the true contents. 9.4 On examination of the seized document, we note that it was duly signed and dated not only by all the partners but also by three witnesses. The name of the partnership firm along with partners....

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....sed above. 9.6 Be that as may be, let us assume that these transactions were not recorded in the books of accounts of the firm. But in that situation, at least such transactions was to be reflected in the individual accounts of the partners which are maintained by them in personal capacity to support the contention. But, we note that there is nothing brought on record that such amount of transactions were recorded in the books of accounts of the individual partners. In other words, we find that the assessee has not brought anything on record even in the present proceedings which is the 2nd innings. The assessee cannot escape from its liability in discharging the onus cast upon it under the provisions of law in the garb of the matter sub-....