Where seized materials did not reflect name of assessee, revenue was not justified in drawing presumption under section 132(4A)

IT: Where seized materials did not reflect name of assessee, revenue was not justified in drawing presumption under section 132(4A)
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[2014] 50 taxmann.com 425 (Karnataka)
HIGH COURT OF KARNATAKA
Commissioner of Income-tax, Central Circle, Bangalore
v.
Blue Lines*
N. KUMAR AND B. MANOHAR, JJ.
IT APPEAL NOS. 760 TO 766 & 769 OF 2008†
AUGUST  2, 2014
Section 132 of the Income-tax Act, 1961 - Search and seizure (Presumption u/s 132(4A)) - Assessment years 1998-99 and 2000-01 to 2003-04 - Tribunal found that though materials were seized in search, said materials did not reflect name of assessee - Most of cheques were stale and some other cheques were either blank or were in name of third parties - Therefore, Tribunal held that revenue was not justified in drawing presumption under section 132(4A) - Whether since finding recorded by Tribunal could not be found fault with, same was to be upheld - Held, yes [Paras 2 and 3] [In favour of assessee]
K.V. Aravind, Advocate for the Appellant. S. Sarangan, Sr. Counsel and P. Dinesh, Advocate for the Respondent.