https://www.taxtmi.com/caselaws?id=243069 The appeals filed by the Revenue against the orders of the Ld. CIT(A) concerning multiple partnership firms were partly allowed. The Tribunal upheld the cancellation of protective assessments in the hands of the partnership firms, confirming that Shri K.P. Abdul Majeed was the real beneficiary of the firms and their bank accounts. It was clarified that if substantive assessments on Shri K.P. Abdul Majeed were reversed in a higher forum, the protective assessments on the partnership firms would convert into substantive assessments automatically. The judgment emphasized aligning assessments with the actual beneficiaries of financial transactions. en-us Fri, 26 Jul 2013 00:00:00 +0530 Sat, 25 Jan 2014 19:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243069 The appeals filed by the Revenue against the orders of the Ld. CIT(A) concerning multiple partnership firms were partly allowed. The Tribunal upheld the cancellation of protective assessments in the hands of the partnership firms, confirming that Shri K.P. Abdul Majeed was the real beneficiary of the firms and their bank accounts. It was clarified that if substantive assessments on Shri K.P. Abdul Majeed were reversed in a higher forum, the protective assessments on the partnership firms would convert into substantive assessments automatically. The judgment emphasized aligning assessments with the actual beneficiaries of financial transactions. Case-Laws Income Tax Fri, 26 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243069