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2014 (2) TMI 804 - AT - Income TaxAddition on account of investment in flat Protective assessment converted as substantive assessment Held that:- The substantial addition has been made in the hands of the firm - The same amount cannot be assessed in the hands of the assessee on substantial basis - There is no material on record by which it can be said that there was some change in the facts and circumstance of the case according to which the assessee could be held to be assessable on substantial basis thus, the protective assessment made in the hands of the assessee could not converted into substantive when there are two assessments one on protective basis and other on substantial basis- it is always advisable to adjudicate both the issues simultaneously. The CIT(A) has committed an error in confirming the addition in the hands of the assessee on substantive basis without examining the finality of the same income in the hands of the firm where department has assessed the same amount on substantive basis - No material has been brought on record to show that whether the said substantial assessment made in the hands of the firm has attained finality thus, the matter remitted back to the AO for re-examination Decided in favour of Assessee.
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