No addition can be made or sustained simply on basis of statement recorded at the time of survey/search

RELEVANT PARAGRAPH 4. We have heard the rival submissions and perused the relevant material on record. Both the sides have made submissions, qua the acceptability or otherwise of the books of account maintained by the assessee as well as on the addition of Rs. 28.85 lakhs. 5. Insofar as the first point is concerned the learned A.R. has relied on certain decisions in support of the fact that if the quantitative record is not maintained in particular line of business, the same in itself would not warrant the rejection of books of account. He further submitted that the nature of the assesse’...