https://www.taxtmi.com/caselaws?id=385589 A statement recorded during a survey under Section 133A has evidentiary value, but it is not conclusive and may be retracted or explained by the assessee. It cannot, by itself, be the sole basis for an addition; it may only corroborate other surrounding material. On the facts, the assessee failed to produce reliable evidence that the investment was made by the company rather than in a personal capacity, and the books did not reflect a company investment. The addition as unexplained investment under Section 69 was therefore sustained, and the assessee did not discharge the burden of explaining the source of funds. en-us Thu, 05 Sep 2019 00:00:00 +0530 Mon, 18 May 2026 13:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385589 A statement recorded during a survey under Section 133A has evidentiary value, but it is not conclusive and may be retracted or explained by the assessee. It cannot, by itself, be the sole basis for an addition; it may only corroborate other surrounding material. On the facts, the assessee failed to produce reliable evidence that the investment was made by the company rather than in a personal capacity, and the books did not reflect a company investment. The addition as unexplained investment under Section 69 was therefore sustained, and the assessee did not discharge the burden of explaining the source of funds. Case-Laws Income Tax Thu, 05 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385589