No Protective Addition When Substantive Addition Sustained: ITAT Surat

ACIT Vs Payal Properties Pvt. Ltd. (ITAT Surat) No Double Addition for Same Income – ITAT Surat Upholds Deletion of Protective Additions Revenue appealed against CIT(A)’s deletion of protective additions of ₹3.95 crore & ₹1.45 crore made in the case of M/s Payal Properties Pvt. Ltd., representing payments routed through M/s I.B. Enterprises & M/s Dashmesh Developers. AO had made these additions on a protective basis, pending determination of substantive liability in the cases of the other two entities. Tribunal noted that the substantive additions in the hands of M/s I.B. Enter...