Mere non production of Director of share holder company cannot justify addition u/s 68

Moti Adhesives Pvt. Ltd Vs. ITO (ITAT Delhi)

Once assesseee places all the reliable and trustworthy documentary evidences to support the veracity of transaction u/s 68 of the Act, it is the duty of AO to dispassionately consider the same with objective standards and not to make the additions simply reproducing at length from the internal report of investigation wing prepared at the time of search (here on Jain Brothers). That is AO cannot make addition u/s 68 on mere basis of ifs and buts only and some credible

Please become a Premium member. If you are already a Premium member, login here to access the full content.