Addition cannot be made Merely based on Statement recorded during survey

Poddar Rubber Industries Vs. DCIT (ITAT Kolkata) The assessee had discharged its primary onus in proving the transaction on F&O by producing the corroborating evidence before the AO/Ld. CIT(A). Both the authorities could not find any infirmity on these documents. However, the AO discarded the primary documents produced by the assessee to establish the veracity of the transaction in F&O, by bringing in the statement of director and accountant of M/s KSPL which was the broker of the assessee in the transaction of F&O. The statement of both Shri Harshvardhan Kayan and Shri Mukesh Agar...