Sunday 19 January 2014

Addition for unexplained investment deleted as docs impounded in survey didn’t prove any investment

IT : Where Assessing Officer made addition on account of unexplained investment on basis of document impounded during survey and statement recorded by partner of assessee-firm, in view of fact that said documents did not suggest that noting were of loans and advances and, moreover, statement recorded during survey could not be relied upon, impugned addition was to be set aside


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