The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the protective addition against a company cannot be made if the department has already made the substantive addition against the Managing Director. In the instant case, the department found that the assessee-Company is involved in hawala transactions. In the statement recorded u/s 132(4), Shri […]
The post Protective Addition against Company is Unwarranted if Dept already assessed Managing Director: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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