Protective Addition Cannot Continue Once Substantive Addition is Sustained Elsewhere: Bangalore ITAT

DCIT Vs Cholan Buildings & Estates (ITAT Bangalore) Protective Addition Cannot Continue Indefinitely Once Substantive Addition is Sustained Elsewhere- Bangalore ITAT Deletes Addition in Firm’s Hand The Bangalore ITAT upheld deletion of a protective addition made in the hands of a partnership firm after noting that the very same income had already been assessed substantively and sustained in the hands of the managing partner. The Tribunal observed that once the Revenue itself had identified the person in whose hands the income substantively belongs, the protective assessment in another pe...