|QUERY:||In the course of search under section 132 or survey under section 133A of the Act, entries of cash loans, expenditure and investments are generally found. Can the correctness of the entries be disregarded in computing the total income of the assessee under section 153A who is required to rebut the presumption as to truth of the assets, entries in seized documents raised in section 292C of the Act?|
|ANSWER:||Click here to read the full answer of the expert|
|EXPERT:||CA. H. N. Motiwalla|
|CATCH WORDS:||presumptive taxation, search assessment|
Section 292C deems that when any material is found in premises of a person searched or surveyed, it may be presumed that material belongs to the person, that the contents of such material is true and handwriting in that document is of that person.