Addition u/s. 68 based on certain statement not sustained as documentary evidence not considered

CIT Vs Lalitha Jewellery Mart Pvt. Ltd (Madras High Court) Madras High Court held that addition under section 68 of the Income Tax Act towards unexplained cash credit merely on the basis of certain statement without considering documentary evidence is not justifiable. Accordingly, writ of revenue is dismissed. Facts- The assessee company is engaged in the business of retail trading in gold jewellery and the assessee had filed its return of income for the Assessment Year 2012-2013 on 28.9.2012 declaring total income of Rs.27,59,23,680/-. On 2.9.2014, a search and seizure operation was conducte...