Addition based on statements alone without any other corroborative evidence unsustainable

Advertisement Standard Tele Towers Pvt. Vs DCIT (ITAT Delhi) ITAT Delhi held that addition primarily on the basis of statements alone and no other corroborative evidence and that too without giving assessee an opportunity to cross examine the said persons is unsustainable in law and liable to be set aside. Facts- On the basis of material available on record, AO after recording reasons about escapement of income issued notice u/s 148 to the assessee to the assessee on 30.03.2017. AO examined the P&L account of the assessee with regard to an amount of Rs. 27.55 crores incurred under the h...