No liability on Managing Director for unaccounted income of company

JCIT Vs Shri Narayana Reddy Vakati (ITAT Hyderabad) Conclusion: Additions made on the basis of statement of assessee u/s 132(4) in the hands of assessee ignoring the fact that the seized material belongs to company was not justified as the same were not attributable to the Managing Director for undisclosed and unaccounted income of the Company. Held: Assessee was the Managing Director of M/s VNR Infrastructure Ltd, having income from salary from the company and other sources. Search and seizure operations were conducted in the case of M/s VNR Infrastructures Ltd and also in the case of its Man...