https://www.taxtmi.com/caselaws?id=286843 The Tribunal allowed the appeal of the assessee, deleting the addition of Rs. 34,02,400/- under Section 69 of the Income Tax Act. The Tribunal found that the addition lacked documentary evidence, and the assessee provided credible sources for the funds used in hospital construction. The retracted statement made without proper documentation was not considered valid, in line with the CBDT Circular discouraging additions based solely on survey statements. The Tribunal emphasized the need for corroborative evidence and set aside the addition based on the lack of supporting documentation. en-us Mon, 31 Oct 2016 00:00:00 +0530 Wed, 18 Mar 2020 10:18:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286843 The Tribunal allowed the appeal of the assessee, deleting the addition of Rs. 34,02,400/- under Section 69 of the Income Tax Act. The Tribunal found that the addition lacked documentary evidence, and the assessee provided credible sources for the funds used in hospital construction. The retracted statement made without proper documentation was not considered valid, in line with the CBDT Circular discouraging additions based solely on survey statements. The Tribunal emphasized the need for corroborative evidence and set aside the addition based on the lack of supporting documentation. Case-Laws Income Tax Mon, 31 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286843