A.M. MOTORS Vs. DY. CIT

JUDGEMENT

(1.) This appeal came up for admission before us. After hearing the learned counsel arguing for the appellant, we have gone through the orders of the Assessing Officer and the Tribunal.

(2.) The main contention of the appellant is, the material secured and impounded during a survey conducted by the department in the premises of the appellant assessee firm under Section 133A of the Income Tax Act (for short the Act) cannot be used for proceedings under Section 158BD as there is no presumptive value for such material as happens under Section 132(4) search and seizure.

(3.) The brief facts that led to the filing of the present appeal are as under.