Unexplained Credit Addition u/s 68: ITAT Upholds CIT(A)’s Order, Citing Retraction of Statements and Documentary Evidence

The ITAT has upheld an addition for "unexplained credit," citing a "retraction of statements and documentary evidence." The tribunal noted that the taxpayer had initially confessed to the credit being unexplained, but later retracted his statement. However, since the taxpayer was unable to provide documentary evidence to support his later claim, the tribunal sided with the lower authority. This ruling emphasizes that while a retracted statement may not be conclusive, it must be rebutted with compelling documentary evidence to provide relief.