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2016 (5) TMI 468 - AT - Income TaxAddition of income on protective assessment - Held that:- M/s Ajantha Trading Corporation being a limb of M/s Sony Fireworks Private Limited, the income of M/s Ajantha Trading Corporation has t be assessed only in the hands of M/s Sony Fireworks Private Limited. In the absence of partnership deed before the authorities below, this Tribunal is of the considered opinion that the income of M/s Ajantha Trading Corporation has rightly been assessed in the hands of M/s Sony Fireworks Private Limited. Since Shri P. Panjurajan claims that the income has to be assessed only in his hands and he has also filed revised return before the Assessing Officer, now this Tribunal confirms the substantive addition made in the hands of M/s Sony Fireworks Private Limited, therefore, the protective assessment cannot stand in the eye of law.
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