TMI Blog2018 (11) TMI 951X X X X Extracts X X X X X X X X Extracts X X X X ..... on made in the hands of Shri Vishal Kalantri has attained finality in view of the order of ITAT, where the addition made by the AO has been examined in the light of incriminating material found during the course of search. Once, the substantive addition has been considered by the appellate authorities in the hands of Shri Vishal Kalantri, the protective addition made towards commission income in the hands of the assessee could not be sustained. CIT(A), after considering relevant submissions, has rightly deleted addition made in the hands of the assessee for all assessment years under consideration. We do not find any error in the findings of CIT(A) and hence, we are inclined to uphold the findings of Ld.CIT(A) and dismiss the appeals fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2O13-14 under consideration based on the cash amounting to ₹ 82,22,2OQ/~ found during the course of search at office premise and the locker of the assessee maintained with M/s Gold Sukh Safety Vaults Ltd, which was admitted being his undisclosed commission income on hawala transaction for the period 1.4.2O12 till the date of search (9.11.2O12) of the assessee? (ii) On the facts and circumstances of the case and in law, the Ld' Commissioner of Income Tax (Appeal) erred in ignoring the principal of extrapolation of income as laid down by the Hon'ble Supreme Court in the case of Eusafali 90ITR 271? 3. The brief facts of the case are that the assessee is a private limited company engaged in the business of courier s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee stated that the AO has made addition towards estimated commission income on the basis of incriminating material found during search in the hands of Shri Vishal Kalantri on substantive basis and the said addition has been challenged by Shri Vishal Kalantri before the first appellate authority. The assessee further contended that when addition has been made on substantive basis in the hands of Shri Vishal Kalantri, protective addition made in the hands of the assessee was not sustainable. The Ld.CIT(A), after considering the submissions of the assessee, observed that the AO has made substantive addition in the hands of Shri Vishal Kalantri towards commission income earned from hawala business and protective addition in the hands of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hout being influenced by the order passed by the ITAT in the case of Shri Vishal Kalantri. 6. The Ld.AR for the assessee, on the other hand, submitted that since the substantive addition made in the hands of Shri Vishal Kalantri has attained finality in view of ITAT s order, the protective addition made in the hands of assessee could not be sustained and accordingly, the Ld.CIT(A) was right in deleting addition made by the AO for all assessment years. 7. We have heard both the parties and perused the material available on record. The AO has made protective addition in the hands of the assessee towards estimated commission income derived from hawala transactions on the ground that certain incriminating materials were found in the premi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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