Deletion of Protective Income Tax Addition Based on Error Set Aside

DCIT Vs Saachi Sales Agency Private Limited (ITAT Mumbai) Protective Addition Can’t Be Deleted on Wrong Substantive Case: ITAT Mumbai Restores Share Application Money Issue for De-novo Assessment The Mumbai ITAT “C” Bench allowed the Assessee’s appeal and dismissed the Revenue’s appeal in the case of Mihir Selvadia (Legal Heir of Late Shri Pravin Mohanlal Selvadia) vs ACIT for AY 2015-16, holding that profits from sale of shares of EINS Edutech Ltd. (alleged penny stock) offered as business income could not be treated as bogus u/s 68 merely on the basis of general investigation repor...