Addition Based on Statements Without Concrete Evidence Not Sustainable

ACIT Vs Pavani Structurals Pvt. Ltd. (ITAT Hyderabad) ITAT Hyderabad held that determination of sale consideration on the basis of some statements without bringing any concrete material in support of his claim, is not correct. Accordingly, addition is liable to be deleted and appeal filed by revenue dismissed. Facts- Search and seizure operation u/s. 132 of the Income Tax Act, 1961 was carried out in the group of M/s. Western Constructions, Hyderabad along with M/s. Pavani Structurals Pvt. Ltd. (“the assessee”) on 02.11.2016. Accordingly, AO completed the assessment u/s.143(3) r.w.s. 153A ...