Addition u/s 69B merely based on statement without corroborative evidence unsustainable

ARRS Megamall P. Ltd. Vs DCIT (ITAT Chennai) ITAT Chennai held that addition towards unexplained investment u/s. 69B of the Income Tax Act unsustainable as based merely on the basis of statement of Director of the Vendor Company without any additional corroborative evidence. Facts- The appellant is a Private Limited Company, filed its return of income admitting Nil total income. A search and seizure action u/s. 132 of the Income Tax Act, 1961 was conducted. During the course of search proceedings, it was noticed that the appellant company had purchased an immovable property measuring 1.97 acre...