No Section 68/69C addition for mere non appearance of same director

Ancon Chemplast P. Ltd. Vs ITO (ITAT Delhi)

Conclusion: Merely because the some Directors did not appear in the case of assessee would not be a ground to have an adverse inference against the assessee, therefore, there was no justification to sustain the addition of Rs.45 lakhs under section 68 and addition of Rs.90,000/- under section 69C.

Held: AO had received information that search and seizure operation was conducted at various premises of Shri Shirish

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