Protective Additions Under Sections 69A & 69C: HC remands case to CIT(A)

ACIT Vs B.L. Agrawal (Chhattisgarh High Court) Facts of the case On February 4, 2010, a search under Section 132 was conducted at the premises of Shri B.L. Agrawal. The Revenue alleged that unaccounted income was routed through 230 bank accounts, shell companies, and villagers from Kharora into M/s Prime Ispat Ltd., a company linked to the assessee’s relatives. Protective additions were made under Sections 69-A and 69-C, which were later deleted by the CIT(A) and ITAT due to lack of direct evidence and a retracted statement by a Chartered Accountant. However, the Chhattisgarh High Court set ...