When Substantive Addition Stands Final, Protective Addition Cannot Survive

ACIT Vs Bhagwan Singh (ITAT Lucknow) When Substantive Addition Stands Final, Protective Addition Cannot Survive- Jewellery & Cash Seized – Protective Additions in Employees’ Hands Quashed by ITAT The facts showed that the police had intercepted Shri Bhagwan Singh & Shri Sunil Garg at Banda with ₹10 lakh cash & 20.678 kg gold jewellery valued at ₹6.48 crore. Both stated that the cash & jewellery belonged to their employer, M/s Giriraj Ornaments (Prop. Shri Sachin Agarwal). These assets were later requisitioned u/s 132A. During assessment, both individuals reiterated tha...