Addition relying on third party statement without corroborated evidence untenable: ITAT Delhi

Rathi Special Steels Ltd Vs ACIT (ITAT Delhi) ITAT Delhi held that addition based on reliance placed on third party statement without any corroborated evidence is not sustainable in law. Accordingly, issue restored to AO for de novo adjudication. Facts- The assessee company is engaged in the business of manufacturing and trading in iron and steel. During the course of search and seizure/ survey operation, statement of Shri Amit Gupta, Chief Operating Officer (COO) of M/s. Hari Iron India Ltd, who was distributor of assessee company, was recorded. He had deposed that he is distributor of iron a...