Addition based on third party statement without tangible material is unsustainable

Jitendra Udaylal Jain Vs National Faceless Assessment Centre (NFAC) (ITAT Mumbai) ITAT Mumbai held that addition under section 68 of the Income Tax Act merely on the basis of information and statement of third party without any tangible material on record is unsustainable in law. Facts- Based on the information from Director of General of Income tax (Inv) Pune, on Bogus Long term capital gain manipulation in market prices of shares of certain companies listed on Bombay Stock Exchange, assessee was identified as one of the beneficiary who obtained through above said manipulation of prices of sh...