Addition merely based on retracted statement without any incriminating material unsustainable: ITAT Ahmedabad

Saketkumar Rugnath Tanna Vs DCIT (ITAT Ahmedabad) ITAT Ahmedabad held that addition merely on the basis of retracted statement without any incriminating material seized from assessee’s premises is unsustainable in law and liable to be quashed. Facts- Assessee is an individual and Proprietor of M/s. Saketkumar Rugnath engaged in the business of Commission Agent of agricultural commodities at Agricultural Produce Market Committee (APMC), Vasna, Ahmedabad. There was a survey action u/s. 133A of the Act at the business premises on 15/10/2013 as well as a search action u/s. 132 of the Act at the ...