https://www.taxtmi.com/caselaws?id=395998 The Tribunal quashed the protective addition of Rs. 35,85,00,000/- in the hands of the assessee, as it lacked a legal basis following the deletion of the substantive addition in the hands of the company. Section 179 was deemed inapplicable as the company was not in liquidation, and the seized documents pertained to the company, not the individual assessee. The Tribunal's decision was influenced by the Arbitration Award and subsequent court orders, which refuted accusations against the company, leading to the allowance of the assessee's appeal. en-us Fri, 12 Jun 2020 00:00:00 +0530 Sat, 03 Apr 2021 15:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395998 The Tribunal quashed the protective addition of Rs. 35,85,00,000/- in the hands of the assessee, as it lacked a legal basis following the deletion of the substantive addition in the hands of the company. Section 179 was deemed inapplicable as the company was not in liquidation, and the seized documents pertained to the company, not the individual assessee. The Tribunal's decision was influenced by the Arbitration Award and subsequent court orders, which refuted accusations against the company, leading to the allowance of the assessee's appeal. Case-Laws Income Tax Fri, 12 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395998