Case Law Details
Raj Enterprise Vs DCIT (ITAT Surat)
The Hon’ble Gujarat high Court in CIT Vs Golden Finance (supra) held that 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. Thus, considering the above factual discussions and legal view taken by Jurisdictional High Court, we are of the view that there is no justification of making addition in absence of any evidence of unaccounted investment. Hence, we direct the AO to delete the addition.
FULL TEXT OF THE ORDER OF ITAT SURAT
1. This appeal by assessee is directed against the order of ld.Commissioner of Income Tax(Appeals-4), Surat dated 15.02.2016 for the Assessment Year (A.Y.) 2008-09.The Assessee raised the following grounds of appeal:
“(1) The ld. CIT(A) has erred in law and on facts in confirming an addition to the tune of Rs.4,22,33,400/- made by the ld.AO on the ground of alleged undisclosed investment u/s.69 of the Act.
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