https://www.taxtmi.com/caselaws?id=194777 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision to delete the addition of Rs. 3,17,67,951/- made under Section 68 of the Income Tax Act for unexplained credits. The Tribunal held that a protective assessment without a substantive assessment was not sustainable, as the amounts would be taxed in the hands of the ultimate beneficiaries. The appeal by the Revenue was thus dismissed, upholding the deletion of the addition. en-us Mon, 05 Jun 2017 00:00:00 +0530 Tue, 26 Sep 2017 10:35:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194777 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision to delete the addition of Rs. 3,17,67,951/- made under Section 68 of the Income Tax Act for unexplained credits. The Tribunal held that a protective assessment without a substantive assessment was not sustainable, as the amounts would be taxed in the hands of the ultimate beneficiaries. The appeal by the Revenue was thus dismissed, upholding the deletion of the addition. Case-Laws Income Tax Mon, 05 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194777