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2016 (2) TMI 408 - HC - Income TaxAddition on protective basis on account of coal business carried out by the assessee through the syndicate of Bhutoria Group - Held that:- On perusal of the records, statement recorded during the course of search at Kolkata and also the impugned seized computer sheets, it is seen that the said transactions as embodied in these seized document, actually represent the trading transactions of the “syndicate working as a unit and, therefore, the assessment of such income can be done only in the hands of the said “syndicate”. So addition made on protective basis cannot survive. See Commissioner Of Income-Tax Versus Smt. Saraswati Devi [1994 (7) TMI 46 - RAJASTHAN High Court] - Decided in favour of assessee
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