https://www.taxtmi.com/caselaws?id=311315 ITAT Delhi deleted protective assessment additions of 5% commission/brokerage as business income against the assessee. The tribunal found that substantive additions in M/s. Orient Craft Ltd.'s case were already deleted in previous orders for AY 2014-15 and 2015-16, where purchases from the assessee were established as genuine through banking channels and documentary evidence. Since the principal buyer proved legitimacy of transactions, protective assessment against the vendor became unsustainable. The CIT(A)'s order making additions was overturned. en-us Thu, 30 Jun 2022 00:00:00 +0530 Wed, 20 Dec 2023 06:31:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311315 ITAT Delhi deleted protective assessment additions of 5% commission/brokerage as business income against the assessee. The tribunal found that substantive additions in M/s. Orient Craft Ltd.'s case were already deleted in previous orders for AY 2014-15 and 2015-16, where purchases from the assessee were established as genuine through banking channels and documentary evidence. Since the principal buyer proved legitimacy of transactions, protective assessment against the vendor became unsustainable. The CIT(A)'s order making additions was overturned. Case-Laws Income Tax Thu, 30 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311315