No section 68 addition based on mere retracted statements without corroborative evidence  

DCIT Vs Cabcon India (P) Ltd. (ITAT Kolkata) Mere reliance on retracted  statements without corroborative evidence and denying cross-examination rights cannot justify additions for share capital and share premium under Section 68. The Income Tax Appellate Tribunal (ITAT) Kolkata recently issued a significant ruling in the case of DCIT vs. Cabcon India (P) Ltd. This case revolved around the addition of unexplained cash credits under Section 68 of the Income Tax Act for Assessment Years (AY) 2014-15 and 2015-16. The dispute arose from the assessment of equity shares issued at a premium, where ...