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ITAT Mumbai on 16th March 2020 held that to make addition in Section 69C it is postulated that source of expenditure incurred not found satisfactory by Ld. AO. When purchases were reversed by the assessee in subsequent years and the transactions of purchases as well as sales were stated to be mere paper entries. The such stock purchased was reflected in closing stock. Thus it is circular transactions and are mere paper entries and no addition can be made u/s 69C.
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ITAT Mumbai on 16th March 2020 held that the Additions merely on the basis of statements made during survey proceedings u/s 133A would not hold much evidentiary value unless the same were backed up by some cogent corroborative material.
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ITAT Mumbai on 16th March 2020 held that the Retraction of a statement of a particular person by another person statement is bad and disregarded for all purposes.