Retracted Statement Of Person Without Any Nexus With Taxpayer Can't Form Basis For Addition U/s 69A: Mumbai ITAT

The Mumbai ITAT deleted the addition made by AO u/s 69A of the Income Tax Act, 1961, on finding that retracted statement of the person representing the said firm, who otherwise neither named nor specified the role and also not connected the assessee specifically.The Bench of the ITAT comprising of Narender Kumar Choudhry (Judicial Member) and Padmavathy S. (Accountant Member) observed that,...