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2016 (10) TMI 1304 - AT - Income TaxUnexplained investment in the hospital building u/s. 69 - Admission made by the assessee in statement recorded u/s. 133A - HELD THAT:- In the present case, we find that although the assessee during survey proceedings had admitted as additional income during the period relevant to assessment year 2009-10, however, subsequently vide letter dated 04-03-2009 the assessee has retracted from said admission. Apart from the statement of assessee there is no other documentary evidence which suggest undisclosed income of the assessee. Rather the assessee has furnished credible evidence to substantiate source of funds. In such circumstances addition on the basis of statement recorded u/s. 133A cannot sustain. We find merit in the appeal of the assessee. Accordingly, impugned order is set aside and the appeal of the assessee is allowed.
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