Addition based on mere statement without independent finding is unsustainable

Ganesh Ginning Factory Vs ACIT (ITAT Ahmedabad) ITAT Ahmedabad held that addition on the basis of statement of director without independent finding given by the Assessing Officer is unsustainable in law. Facts- The case of the assessee was selected for scrutiny and first statutory notice under Section 143(2) was issued on 07.08.2012. During the year under assessment, survey u/s. 133A of the Act was carried out at the business premises of the assessee at 27.01.2022. The investigation team/ survey team found that a difference of stock of Rs. 1,48,29,750/- between stock as per books of accounts a...