Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
Electronic Postal Bill of Export templates mandating specified data fields for postal export declarations; system-generated Let Export Order on public...
Protective assessment cannot co-exist where substantive additions on the same income are sustained in the hands of the correct assessee; the tribunal found the assessing officer had identified and made substantive additions in the partners' hands which were affirmed on appeal, and therefore the protective addition against the partnership firm must be deleted because permitting both would tax the same income twice. The protective assessment is a temporary revenue-protection measure and loses relevance once the real assessee is determined and income is substantively assessed in that persons hands. The appeal was allowed and the protective addition deleted.
Protective assessment cannot co-exist where substantive additions on the same income are sustained in the hands of the correct assessee; the tribunal found the assessing officer had identified and made substantive additions in the partners' hands which were affirmed on appeal, and therefore the protective addition against the partnership firm must be deleted because permitting both would tax the same income twice. The protective assessment is a temporary revenue-protection measure and loses relevance once the real assessee is determined and income is substantively assessed in that persons hands. The appeal was allowed and the protective addition deleted.
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