Section 68 Addition Fails When Based Only on Retracted Third-Party Statements

Richa Finance & Investment Private Limited Vs ITO (ITAT Mumbai)

Section 68 Can’t Survive on Retracted Statement Alone: ITAT Deletes ₹81 Lakh Share Capital Addition

Mumbai ITAT  allowed the appeal of Richa Finance & Investment Private Limited for AY 2007-08 & deleted the addition of ₹81 lakh made u/s 68 towards alleged unexplained share capital.  Tribunal held that once the Assessee had discharged the primary onus by furnishing complete documentary evidence establishing identity, creditworthiness of invest

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