That the allowance of expenditure for levelling the land was to be confined to the amounts revealed from the seized documents, whether it was cash or cheque payments. Presumption applies only to the extent of documents seized ( AY .2007-08, 2008-09)
CIT v. Damac Holdings Pvt. Ltd. (2018) 401 ITR 495/253 Taxman 123 (Ker) (HC)
S. 37(1) : Business expenditure – Expenditure on levelling of land was held to be allowable – Presumption applies only to the extent of documents seized [ S.132(4A ]