Addition u/s 68 of Income Tax Act based on retracted statement unsustainable

ITO Vs AMS Trading & Investment Pvt Ltd (ITAT Mumbai)

ITAT Mumbai held that addition u/s. 68 of the Income Tax Act merely based on statement of the key person which was retracted subsequently unsustainable as genuineness, identity and creditworthiness proved.

Facts- The assessee company is engaged in the business of investments and trading. The assessment of the assessee was completed u/s. 143(3) of the Act accepting the returned income of Rs. Nil. Subsequently, AO rec

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