Mere statement without backing of credible evidences not justifies addition

Bini Builders Pvt. Ltd. Vs DCIT(ITAT Mumbai) Conclusion: Statements recorded during the course of survey proceedings would not have much evidentiary value unless the same were backed by credible evidences. Assessee could not prove the source and nature of transactions, the stated amount was added to the income of the assessee u/s 68 and the original return was processed u/s 143(1) and the only requirement in law to trigger assessment was that AO had certain reasons to believe that certain income escaped assessment in the hands of the assessee. AO was clinched with tangible information from inv...