S.132(4A): Additions based on passbook found in custody of assessee, who operates such account, is duly valid

Brief of the Case ITAT Delhi held In the case of Kapoor Singh vs. ACIT that the assessee has not disputed the bank pass book of Shri Sube Singh which was found at his residence during search and seizure operation, neither has he controverted the AO’s finding to the statement of the Bank Manager given in writing that most of the payments have been made by Shri Kapoor Singh and his sons. The assessee has also not disputed the AO’s noting that the account was closed on 5/3/2005 that is immediately after the search on 4/3/2005. This shows that the account was fully operated by the assessee. T...