Addition merely based on retracted statement cannot be sustained: ITAT Jaipur

ITO Vs Amar Pratap Steels Pvt. Ltd. (ITAT Jaipur)

ITAT Jaipur held that addition towards unexplained cash credit under section 68 of the Income Tax Act merely based on retracted statement cannot be sustained. Accordingly, appeal of the revenue dismissed.

Facts- Revenue has preferred the present appeal mainly contesting that CIT(A) erred in deleting the addition made by the AO of Rs. 1,70,02,500/- on account of unexplained cash credit u/s 68 of the Act in respect of share application money received by the assessee during the year without appreciating the fact

Please become a Premium member. If you are already a Premium member, login here to access the full content.