2009 (8) TMI 5

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.... proposing to raise the following substantial questions of law: A. "Whether on the facts and in the circumstances of the case Ld. ITAT was right in law in restoring the issue of undisclosed investment of Rs.3,77,041/- based on material seized during search (Document No.A-12 pages 3 and 4) on account of purchase of Maruti Gypsy Car, back to the file of Assessing Officer, whereas the assessee did not produce any details/evidence before the Ld.CIT(A) or the Assessing Officer despite opportunities allowed by both of them." B. "Whether on the facts and in the circumstances of the case Ld. ITAT was right in law in upholding the order of Ld. CIT(A) in restricting the addition to Rs.1,30,000/- instead of Rs.7,75,000/- made by the Assessing Of....

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....rough M/s Som Dutt Financer Ltd., and also paid margin money of 10% . However, due to default in payment on finance instalments, the vehicle was taken back by the financer and, therefore nothing was alleged to be paid subsequently. There is no dispute to the well settled legal proposition that onus lies on the assessee to substantiate the entries found recorded in seized material. In the instant case, claim made with reference to the return of vehicle by the finance company and the fact that only margin money was paid, was on the assessee. If only margin money is paid and the assessee defaults in the very beginning resulting in taking over of vehicle by the finance company, no amount is required to be paid thereafter, therefore, there is no....