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Presumption under Section 132(4A) is not available to authorities while framing the regular assessment
November, 21st 2006
Supreme Court Judgement   (Unreported)
Appeal (civil)  5673-5675 of 2002
P.R. Metrani
Commissioner of Income Tax,
Date of  Judgment: 15/11/2006


Presumption under Section 132 (4A) is available only in regard to the proceedings for search and seizure and for the purpose of retaining the assets under Section 132(5) and their application under Section 132B.  It is not available for any other proceeding. except where it is provided that the presumption under Section 132 (4A) would be available.  

            In our considered view, the High Court of Allahabad in Pushkar Narain Sarraf (supra) and the High Court of Delhi in Daya Chand (supra) have taken the correct view in holding that the presumption under Section 132(4A) is available only in regard to the proceedings for search and seizure under Section 132.   Such presumption shall not be available for framing the regular assessment.  The High Court of Karnataka in the impugned judgment has clearly erred in holding to the contrary.   Consequently, question No.1 of the Revenue is answered in the affirmative, i.e. against the Revenue and in favour of the assessee. 

It may be clarified that though presumption under Section 132(4A) is not available to authorities while framing the regular assessment but the material seized can be used as a piece of evidence in any other proceedings under the Act, all contentions are left open.

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