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2014 (1) TMI 1284 - ITAT COCHINCancellation of protective assessment – Held that:- The assessments have been made on substantive basis and on protective basis in the hands of assessees - When all the assessees challenged the assessment orders passed in their respective hands - Tribunal did not accept the methodology adopted for determining the peak credit and accordingly held that the computation of peak credit requires to be re-computed in accordance with the discussions made in the order of the Tribunal. Accordingly, the matter relating to the determination of income was set aside to the file of the assessing officer. The protective assessments are liable to be quashed if the substantive assessments got confirmed - the Ld CIT(A) confirmed the substantive assessments made in the hands of Shri K.P. Abdul Majeed, he has cancelled the protective assessments made in the hands of the assessees - Shri K.P. Abdul Majeed is the real beneficiary of the partnership firms and their bank accounts, which means, the substantive assessments made in the hands of Shri K.P. Abdul Majeed have been confirmed by the Tribunal - the Tribunal is also required to uphold the order of the CIT(A) in cancelling the assessments made in the hands of the assessees - if orders passed by the Tribunal in the case of Shri K.P. Abdul Majeed confirming the substantive assessments are reversed by any higher appellate forum, then the protective assessments made in the hands of the assessees herein shall automatically get converted into substantive assessments – Decided partly in favour of Assessee.
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