Section 292C’s presumption applies only to person from whom documents seized

Sanmati Jewellers Vs DCIT (ITAT Delhi) ITAT Delhi order on presumptions u/s 292, absence of corroborative evidence of cash transactions, delay in recording of proceeding note u/s 153C in case of search u/s 132 Summary: In the case of Sanmati Jewellers Vs DCIT (ITAT Delhi), the assessee challenged additions made under Section 69A of the Income Tax Act. M/s Sanmati Jewellers, engaged in trading bullion and jewelry, was implicated based on digital data seized during a search of Jindal Bullion Ltd. (JBL). The Assessing Officer (AO) added ₹67.16 lakh as peak balance for alleged unaccounted cash p...