Addition made solely on the basis of Survey statement – Not justified:

AO made an addition in respect of unexplained investment at ten times of the amount found to be recorded in a document impounded during survey solely on the basis of statement of partner of the assessee firm in which the partner stated that one zero was omitted from such impounded document. No evidence was found that could prove that the said noting was in respect of loans and advances. ITAT reduced the said addition to the amount recorded in impounded document as against addition made at ten times on the ground that statement recorded during survey cannot be relied upon. Consequent to such conclusion, ITAT also deleted interest on such unexplained investment.

[M/S. GOLDEN FINANCE - TAX APPEAL No.393 of 2011 - GHC]