ROHIT RANJAN AGARWAL,J. - (1.) This appeal under Section 260-A of the Income Tax Act has been filed by the assessee challenging the order of the Income Tax Appellate Tribunal Delhi Bench "A" New Delhi (hereinafter called as ITAT) dated 12.03.2010, partly allowing the appeal of the department.
(2.) This appeal was admitted on 22.11.2010 on the following questions of law: "1. Whether the presumption under Section 132(4A) of the Income Tax Act can be raised in the assessment proceeding? 2. Whether apart from from section 132(4A) of the Income Tax Act, the burden to explain the documents seized from the possession of the assessee during search is upon him and if it so, then has he discharge the burden."
(3.) Brief facts of case are that residential premises of the assessee was searched under Section 132 of Income Tax Act (hereinafter called as the 'Act') on 28.02.2000. Locker No. 64 Dena Bank, Abu Lane Branch, Meerut, which is in the joint name of assessee and his wife Smt. Aneeta Gupta, was also searched. During search, jewellery worth Rs.7.44 lakhs was found from the assessee, while jewellery worth Rs.13.55/- lakhs was found in the locker of assessee, out of which, jewellary worth Rs.8.87/- lakhs was seized.;