Addition u/s. 68 cannot be deleted for mere payment if not supported by creditor’s confirmation

IN THE ITAT LUCKNOW BENCH ‘A’ Deputy Commissioner of Income-tax  v/s. Verma Roadways IT Appeal No. 265 (LkW.) of 2011 [Assessment year 2003-04] Date of pronouncement – July 23, 2012 ORDER Sanjay Arora, Accountant Member This is an Appeal by the Revenue arising out of the order of Commissioner of Income Tax (Appeals)-I, Kanpur (‘CIT(A)’ for short) dated 02/02/2011, allowing the assessee’s appeal contesting its assessment u/s 143(3) of the I.T. Act, 1961 (‘the Act’ hereinafter) dated 29/03/2006 for the assessment year (AY) 2003-2...