Additions U/s 69C On Account Of Excess Stock Can't Be Based On Third Party Statements Alone Without Any Corroboration: Delhi ITAT

The Delhi ITAT ruled that additions under Section 69C of the Income Tax Act based solely on third-party statements without corroboration are invalid. The tribunal emphasized the need for corroborative evidence to substantiate claims of unexplained expenditure, ensuring fair assessment practices. This decision protects taxpayers from arbitrary additions and underscores the requirement for substantive evidence in tax assessments.