Addition merely on the basis of statement without corroborating material unsustainable: ITAT Delhi

Vineet Gupta Vs ACIT (ITAT Delhi) ITAT Delhi held that addition under section 69A r.w.s. cannot be sustained merely on the basis of the statement. There has to be some material corroborating the content of the statements. Accordingly, appeal allowed and addition deleted. Facts- A search and seizure operation u/s 132 of the Act was carried out at the premise of Mohit Garg and bothers on 25-11-2016 and during the course of search certain documents belonging to the assessee were sized. The assessee has filed the return of income declaring total income of Rs 6,55,060/- on 29-06-2017 for the A.Y.20...