Protective Additions u/s 68 & 69C Invalid Once Substantive Addition Sustained: ITAT Mumbai

DCIT Vs Mangalkalash Trading P. Ltd. (ITAT Mumbai) Protective Addition u/s 68 & 69C in Hands of Accommodation Entry Provider Not Sustainable Once Substantive Additions Are Confirmed – ITAT Mumbai The ITAT Mumbai dismissed the Revenue’s appeal for AY 2012-13 & upheld deletion of protective additions u/s 68 & 69C made in the hands of the assessee company, which was alleged to be an accommodation entry provider. The Tribunal noted that pursuant to a search u/s 132, the AO made protective addition of ₹5.90 crore u/s 68 towards alleged unexplained investment & ₹14.75 lakh u/...