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2018 (6) TMI 609 - AT - Income TaxAdditions on account of undisclosed investment - Addition been done suddenly on the basis of admission of ex-partner of the firm before the Investigation Wing - Held that:- The statements of the ex-partner cannot be said to be a conclusive evidence of the firm having made a payment of ₹ 53 lacs through undisclosed means for acquisition of sand ghat - also the statement has been obtained from an ex-partner of the firm who is no longer partner in the firm for the last many years - CIT(A) has relied upon the CBDT Circular No. 286/2003/IT dated 10.03.2003 which states that efforts should be made by revenue official to obtain credible evidence and obtaining admission de hors evidence should be avoided - thus additions should be deleted. Additions towards income earned from undisclosed investment - Held that:- The addition of income earned from the investment is also solely based upon the admission by the ex-partner with no credible evidence - thus applying the same basis the addition by the AO here also is not sustainable - Decided in favor of assessee.
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