Documents found in possession of any person during search is presumed belonging to such person

Trishul Buildtech Infrastructure (P) Ltd. Vs JCIT (ITAT Bangalore) ITAT Bangalore held that u/s. 292C of the Income Tax Act, there is a presumption that the documents found in the possession or control of any person in the course of search, belongs to such person and contents of such document are true. Facts- The assessee is a partnership firm. There was a search and seizure operation carried out u/s. 132 of the Income-tax Act, 1961 in the case of the assessee. The AO issued a show cause notice asking the assessee to explain the entries in the seized material. The assessee filed a reply disown...