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2023 (7) TMI 499 - ITAT AHMEDABADAddition u/s 68 - addition on protective basis in hands of assessee - substantive addition made in the hands of person advancing credit to assessee - HELD THAT:- It is settled principle of law the Income Tax Act nowhere provides that parallel assessments can be made in respect of the same income on two different persons. The assessee right from the beginning of the reassessment proceedings submitted that the source of the funds from the creditors and their source (i.e. source on source) is also proved by the assessee. AO made a protective addition as unexplained money in the hand of the assessee. As in the case of M/s. Capaxo Logistics Pvt. Ltd. [2022 (4) TMI 736 - ITAT AHMEDABAD] and M/s. Ambe Tradecorp Pvt. Ltd. [2022 (2) TMI 1297 - ITAT AHMEDABAD] are on identical additions deleted the same observing identity, creditworthiness and genuineness of the transactions are clearly established by the assessee. AO has not pointed out any deficiency in these documentary evidences submitted by the assessee and also not brought on record any contrary evidences in the reassessment proceedings. The assessment made in the case of Smt. Hansaben Manilal Patel wherein the sale of land has been duly taxed on substantive basis. Though the said order remained unchallenged by her (Smt. Hansaben Manilal Patel allegedly a missing person) by way of appeal or revision. Whereas in the case of Shri Rameshji Thakor that the alleged substantive additions made in his hands were also deleted by Ld. CIT(A) as the source was been clearly proved by the assessee. Thus we do not find any infirmity in the order passed by the Ld. CIT(A) who has deleted the protective addition made in the hands of the assessee herein. Decided in favour of assessee.
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