During course of search proceedings at registered office of assessee, excess cash was found. The assessee explained that cash belong to Fisher Health Resorts (P) Ltd. Assessing Officer, made the addition on protective basis under section 69A of the Act. On appeal the Tribunal held that no substantive addition had been made in hands of Fisher Health Resorts (P) Ltd or in hands of any other person. Accordingly protective addition made in hands of assessee company did not survive and thus addition made in hands of assessee on protective basis under section 69A was deleted. (AY. 2016-17 to 2018-19)
Pegasus Properties (P.) Ltd. v. DCIT, (2022) 193 ITD 514 (Mum.)(Trib.)
S. 143(3) : Assessment-Protective assessment-Excess cash recovered from registered office of assessee-No substantive addition was made in hands of any other person-Addition u/s 69A would not survive. [S. 69A, 132]