Search and seizure action was conducted on 7-4 2016 , on the basis of the information under Information Exchange Agreement and thereafter information received from competent Authority of Singapore\u00a0 , the notice was issued under 10(1) of the\u00a0 Black Money ( Undisclosed Foreign Income and Assets ) and Imposition Act\u00a0 2015\u00a0 and assessment order was passed making addition under section 10(3) of the Act . The order has not attained the finality . The Assessing Officer passed protective assessment under income tax Act , making addition under section 68 of the Act. On appeal\u00a0 against protective assessment , the CIT(A) deleted the addition made on protective assessment . On appeal by the Revenue,\u00a0\u00a0\u00a0\u00a0 dismissing the appeal of the Revenue , the Tribunal held that once additions have been made\u00a0 under Black Money Act , the same can not be made under the Income -tax Act on the same set of facts .\u00a0 ( ITA No. 426 & 427 \/Del\/2022 dt . 19 -4 2023 )( AY. 2013 -14 , 2014 -15 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits – Protective assessment \u2013 Addition made under Black money Act \u2013 Not attained finality \u2013 Deletion of addition was affirmed . [S. 143(3), Black Money ( Undisclosed Foreign Income and Assets ) and Imposition Act 2015 , S .10(1), 10(3) ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-34856","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-94c","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=34856"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34856\/revisions"}],"predecessor-version":[{"id":34857,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34856\/revisions\/34857"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=34856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=34856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=34856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}