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Protective Addition Backfires – ITAT Says Firm Not the Earner, Partners Already Taxed
Case Law Details
- Case Name
- DCIT Vs Royal Developers (ITAT Jaipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Jaipur
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DCIT Vs Royal Developers (ITAT Jaipur)
A search was conducted in the Om Agarwal group. Loose papers were found at the residence of Shri Hemant Garg, showing year-wise figures of principal & interest relating to Royal Developers & Chomu House project. The AO assumed these entries represented unaccounted loans & interest received by the firm, & made a protective addition of ₹3.02 crore in the firm’s hands, stating that substantive additions were made in partners’ cases.
Before the CIT(A), the assessee proved that these seized papers recorded personal transactions be...
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