M. Naranan & Bros v Asst CIT (2011) Madras High Court

Merely on the basis of statement made under section 132 (4),in respect of loans , addition under section 69 as income from undisclosed source can not be made when the said statement was retracted and evidence to show the genuineness of loan was filed. The court also referred the Circular of CBDT No F.NO.286/2/2003 IT (Inv) dt 10th March 2003.