ITAT Delhi deletes Protective Additions Due to Absence of Substantive Assessment

Advertisement Surendra Kumar Jain Vs DCIT (ITAT Delhi) The appeal concerned additions made on a protective basis for Assessment Year 2012-13 under Sections 147 and 143(3). The Assessing Officer treated Rs.160.49 crore as unexplained cash credits and further estimated 1.8% commission of Rs.2,88,88,200, alleging that the assessee was involved in providing accommodation entries. These additions were upheld by the CIT(A). During the hearing, the Tribunal examined whether any substantive assessment existed in another person’s hands for the same alleged transactions. It noted that both addition...