No addition for investment in hundis which were made out from business receipts

Bhandari Hospital and Research Centre (ITAT Indore) Conclusion: When it was presumed that investment in hundi was bogus in such a situation there was no money available for the investment made by the assessee as such amount surrendered was not available, therefore, this proved that donation was made out of business receipts, which was an allowable expenditure. Held: During the course of survey undisclosed income was surrendered by assessee through its partners under different heads. Out of the surrendered amount of Rs.31,24,41,685/-, the amount of Rs.23,61,18,930/- was surrendered in the hands...