Section 292C: Onus Shifts to Revenue Once Assessee Rebuts Presumption

DCIT Vs Delco India Pvt Ltd( ITAT Delhi) Section 292C Assessee needs to discharge rebuttable onus and once assessee discharges, Onus shifts on Revenue Once assessee discharges primary onus cast on him to explain unaccounted transaction, having explained with the help of evidence, onus shift to revenue to rebut the same. Brief Facts 1. A search and seizure operation u/s 132 of the Income Tax Act, 1961 (hereinafter referred to as “Act” ) was carried out by the Investigation Wing on 26.02.2009 on Shri Ram Hari Ram Group of cases. the case of the present assessee amongst others was also cover...