Addition based on third person statement without giving any opportunity to cross examine is untenable

Acme Chem Limited Vs DCIT (ITAT Kolkata) ITAT Kolkata held that addition based on such retracted statement of third person and that too without giving any opportunity of cross examination to the assessee deserves to be deleted. Facts- The assessee is a limited company engaged in the business of manufacture and sale of rubber chemicals. Income of Rs. 8,22,97,170/- declared in the e-return filed on 28.09.2012 pertaining to AY 2012-13. Case selected for scrutiny through CASS followed by serving of notices u/s 143(2) & 142(1) of the Act. Assessment u/s 143(3) of the Act completed on 24.03.2015...