2019 (7) TMI 1980

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.... is aggrieved by the orders of the ITAT on two counts: firstly, the appeal is filed with respect to re-assessment under Section 147/148 of the Income Tax Act and secondly, upholding the Appellate Commissioner's order which directed cancellation of the assessment made on protective basis and its correctness. 2. Brief facts are that one Madan Mohan Gupta in the course of search and seizure proceedi....

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....ere enhanced in the case of other assessees and some of the amounts were deleted in view of documentary evidence gathered. The CIT(A) made two tabular charts in Para 2.1.8.5. One reflected the amounts added by the AO and the final amount sustained on the basis of assessment of evidence. After discussing all these aspects, the CIT (A) held that additions made on protective basis were not sustainabl....

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....additions of Rs.14,24,12,650/- on protective basis in the hands of assessee company and also on substantive basis in the hands of Sh Madan Mohan Gupta have been proposed. Accordingly, addition made of Rs. 14,24,12,650/- on protective basis in the hands of company is hereby deleted. Assessee's appeal in Gr No. 2 stands allowed." 3. The assessee's appeal with respect to re-opening of assessment, w....

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.... it purely on protective basis after the substantive additions in respect of each amount which were made at third parties' end. The CIT(A) in our opinion, was correct in his analysis noticing that as against documentary evidence available, only some additions could be sustained even in respect of such third parties. Consequently, in the absence of any reason to involve the present assessee, which ....