AO cannot make Income Additions Solely based on Retracted Statement of Third-Parties: ITAT [Read Order]

The Tribunal viewed that the impugned additions are merely unsubstantiated additions which could not be sustained in law.
Itat - Income Tax Appellate Tribunal - Ao - Retracted Statement - Retracted Statement of Third-Parties - Income Additions - itat news - income tax news - tax news - taxscan

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) held that the Assessing Officer ( AO ) cannot make income additions solely based on the retracted statement of third parties. It was viewed that once the assessee has denied payments made by him, then he cannot be expected to prove the negative….

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