No justification of making addition in absence of any evidence of unaccounted investment

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

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