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,

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