S. 153A Addition based on mere Statement of One Dummy Director not sustainable

Advertisement DCIT Vs Frost Falcon Distilleries Ltd. (ITAT Delhi) In this case, the Assessing Officer (AO), after a search operation, framed an Assessment under Section 153A of the Income Tax Act, 1961 (IT Act) and subsequently an addition of was made on account of unaccounted money introduced into the Appellant company by four parties in the form of share capital. The AO held that the aforesaid Companies were non-existent through which the Appellant introduced his own unaccounted money. During the survey action, the department recorded a statement from the Director wherein he stated that h...