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 investors & genuineness of transactions, the addition could not be susta...