ITAT Chennai Deletes ₹20L Addition – Survey Statement Alone Not Enough

Chidambara Gurunathan Sundarraj Vs ITO (ITAT Chennai) In this case, the assessee faced an addition of ₹20 lakh based primarily on a statement recorded during a survey under section 133A, where he had admitted unexplained investment in house construction. The Assessing Officer disallowed the claim under section 57 and made the addition, which was partly sustained by the CIT(A). Before the Tribunal, the assessee demonstrated multiple sources for the construction (housing loan, LIC compensation, HUF funds, and loan from a relative) and argued that reliance solely on a survey statement is legall...