A search was carried on the premises of a firm. Certain material which evidenced undisclosed income and which was allegedly in the handwriting of one of the partners of the assessee firm was discovered and seized. Basis such material, the AO made an addition in the hands of the assessee firm. Held that the presumption under section 292C works only against the person who is searched and does not work against a third person. Having discovered the material which allegedly was in the handwriting of one of the partners of the assessee firm, the AO did not endeavor to collect/produce any other evidence to establish the undisclosed income in the hands of the assessee firm, inspite of getting a second opportunity in the remand proceedings. In the circumstances, such addition in the hands of the assessee firm was to be deleted.