Addition u/s. 69A based on retracted statement cannot be sustained: ITAT Jaipur

Kiran Fine Jewellers Pvt. Ltd Vs DCIT (ITAT Jaipur) ITAT Jaipur held that addition towards unexplained money under section 69A of the Income Tax Act merely on the basis of statement which was subsequently retracted is not sustainable in law. Accordingly, addition is directed to be deleted. Facts- Vide the present appeal, the appellant has contested that CIT(A) has erred in confirming Rs. 11,76,838/- as unexplained money u/s 69A of the IT Act, 1961. It is further contested that CIT(A) has erred in confirmed that jewellery weighing 18704.46 gms was allegedly found in excess and hence Rs. 6,57,67...