Retracted Third-Party Statement Alone Insufficient for Section 68 Addition: ITAT Mumbai

Nandkshore Telefilms & Media Private Limited Vs DCIT (ITAT Mumbai) The Income Tax Appellate Tribunal, Mumbai allowed the appeal filed by the assessee against the order of the National Faceless Appeal Centre confirming additions made under sections 68 and 69C of the Income Tax Act, 1961 for Assessment Year 2013–14. The assessee had e-filed its return declaring a loss of ₹10,25,982, which was initially processed under section 143(1). Subsequently, the assessment was reopened by issuing notice under section 148 after recording reasons. The assessee treated the earlier return as filed in r...