AO made S.68 addition based on the Third Party Statement, Discrediting Evidence: ITAT deletes addition [Read Order]

ITAT observed that the AO has made addition u/s 68 solely by relying on third party evidence.
AO -Third Party Statement- Discrediting Evidence - ITAT - TAXSCAN

In a recent ruling, the Mumbai bench of the Income Tax Appellatte Tribunal ( ITAT ) allowed the appeal filed by the assessee and deleted the addition made by AO under Section 68 of the Income Tax Act 1961, as it was solely based on the third-party evidence, without considering the submissions made by the…

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