https://www.taxtmi.com/caselaws?id=779608 ITAT upheld the assessee, deleting additions made under s.68 of the Act. The Tribunal found the assessee had prima facie discharged its onus and that the AO relied on third-party statements and materials without giving the assessee opportunity to explain or cross-examine witnesses. A third-party proprietor subsequently retracted his statement recorded during a search under s.132, further undermining the AO's case. As the additions were unsustainable on the record, they were deleted and decision favored the assessee. en-us Wed, 22 Jan 2025 00:00:00 +0530 Thu, 09 Oct 2025 08:54:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779608 ITAT upheld the assessee, deleting additions made under s.68 of the Act. The Tribunal found the assessee had prima facie discharged its onus and that the AO relied on third-party statements and materials without giving the assessee opportunity to explain or cross-examine witnesses. A third-party proprietor subsequently retracted his statement recorded during a search under s.132, further undermining the AO's case. As the additions were unsustainable on the record, they were deleted and decision favored the assessee. Case-Laws Income Tax Wed, 22 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779608