Addition u/s. 68 merely relying on retracted statement cannot be sustained

DCIT Vs Tirupati Developers (ITAT Mumbai) ITAT Mumbai held that addition under section 68 towards unsecured loans merely relying on retracted statement cannot be sustained. Accordingly, order of CIT(A) upheld and appeal of revenue is dismissed. Facts- The assessee had filed its return declaring nil income for AY 2012-13 on 28.09.2012. The assessee firm is a part of the ‘Lotus Group’, on which a search action was carried out u/s 132. On the basis of information found during the course of the search, a notice u/s 153A was issued on 08.02.2016 requiring the assessee to furnish its return of i...