Addition u/s 68 - Assessee is not named in MOU, either as a ...

ITAT Rules Addition u/s 68 Unjustified Due to Lack of Evidence in Assessee's Case; High Court Upholds Decision.

November 4, 2022

Case Laws Income Tax HC

Addition u/s 68 - Assessee is not named in MOU, either as a party or as a witness. No cash was found or seized during the search conducted on the premises owned by the Assessee. ITAT held that the second statement recorded on 11th March, 2016, is not corroborated by any evidence or material on record and therefore, the AO or CIT(A) could not have relied upon the second statement. - There is no infirmity in the impugned order of the ITAT deleting the addition - HC

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Addition u/s 68 - Assessee is not named in MOU, either as a ...

ITAT Rules Addition u/s 68 Unjustified Due to Lack of Evidence in Assessee's Case; High Court Upholds Decision.

November 4, 2022

Case Laws Income Tax HC

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