Assessee purchased certain land and sold it to a third party. Such third party, in his statement accepted that it had paid an advance of Rs. 8 lacs but also stated that the assessee had in turn advanced Rs. 20 lacs to the seller from which it had purchased the land. The agreement between the assessee and the seller also stated that it had paid a sum of Rs. 20 lacs as bayana for the property. Assessee relied on this statement to the extent that Rs. 8 lacs were explained but did not agree with the part of the statement that it had paid Rs. 20 lacs to the seller. The ITAT confirmed the addition to the extent of Rs. 20 lacs under section 69 of the Act. On appeal, High Court held that the statement could not be read in piecemeal depending on what part suits to the assessee and what part does not. It was held that the prima facie evidence was against the assessee and it was unable to explain the nature and source of the money. In view of the findings of fact that the assessee had paid a sum of Rs. 20 lacs, the addition was confirmed. (AY. 2006-07)