Additions for undisclosed investment could without doubting the genuineness of documents produced not justified

Assessee in his return submission dated 6.11.2009 had explained that the purchase of 2 JCB machines were made from Yantraman Automac Pvt.Ltd., Baroda and both these purchases were on hypothecation with Centurion Bank of Punjab. The purchase bills also reflected hypothecation with the Bank. The company was established from 1998 and the Centurion Bank of Punjab eventually merged with HDFC Bank. The Tribunal also noted that the books of accounts were audited under section 44AB and the Tax Audit Report under the said provision had been duly furnished before the Assessing Officer, which was also ev...