Addition u/s. 68 based solely on statement provided by third party unwarranted: ITAT Mumbai

Konark Fixtures Ltd. Vs DCIT (ITAT Mumbai) ITAT Mumbai held that addition under section 68 of the Income Tax Act merely on the basis of statement provided by third party without any iota of evidences unjustified. Accordingly, appeal allowed and addition deleted. Facts- The assessee company is engaged in business of manufacturing and has filed the return of income for the assessment year 2012-13 on 27/09/2012 disclosing a total income of Rs.1,21,67,790/- and the return of income was processed u/sec. 143(1) of the Act. Subsequently, AO has received information from DGIT (inv) Mumbai that the ass...