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Mumbai) ITAT Mumbai held that addition u/s. 68 of the Income Tax Act merely based on statement of the key person which was retracted subsequently unsustainable as genuineness, identity and creditworthiness proved.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 received the information from DGIT (Inv) Mumbai that the assessee is engaged in obtaining the accommodation entries and is a b...