https://www.taxtmi.com/caselaws?id=753182 The ITAT Kolkata ruled in favor of the assessee regarding protective additions made for loan amounts received from a director and relatives. The loan creditors had earned LTCG from penny stock transactions. The tribunal found that since substantive additions were made against the actual loan creditors (with three accepting additions under Vivad Se Viswas Scheme and paying taxes), and the fourth creditor was also assessed separately, the source of loans was adequately explained. The protective additions against the assessee were deemed unsustainable as the department had already addressed the matter through substantive additions in the creditors' cases. en-us Wed, 15 May 2024 00:00:00 +0530 Mon, 27 May 2024 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753182 The ITAT Kolkata ruled in favor of the assessee regarding protective additions made for loan amounts received from a director and relatives. The loan creditors had earned LTCG from penny stock transactions. The tribunal found that since substantive additions were made against the actual loan creditors (with three accepting additions under Vivad Se Viswas Scheme and paying taxes), and the fourth creditor was also assessed separately, the source of loans was adequately explained. The protective additions against the assessee were deemed unsustainable as the department had already addressed the matter through substantive additions in the creditors' cases. Case-Laws Income Tax Wed, 15 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753182