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2021 (5) TMI 965 - ITAT HYDERABADCorrect head of income - whether the very amounts could also be allowed to be assessed under the head ‘business’ once they have been assessed as income from other sources? - HELD THAT:- As assessee has itself conceded its challenge to correctness of learned lower authorities’ action treating the impugned sums; assessment-year wise as income from house property and business income; as the case may be; respectively. Faced with this situation, we deem it appropriate to restore the instant issue back to the file of Assessing Officer to this limited extent only to the extent that whatever is the income assessed as income from other sources in the assessee’s hands out of its books/P&L A/c of the corresponding assessment years, shall not be assessed under the head business income as well so as to avoid double addition. It is made clear that it shall be the assessee’s risk and responsibility only to file on record all the relevant details proving that the very sums of additions before us have also been assessed under the head income from house property and business income; as the case may be. Un-explained cash credits u/s.68 - Revenue’s vehement contention before us is that the assessee has not been able to prove the corresponding nexus between the impugned addition viz-a-vis the sum assessed in M/s.J.B.Educational Society, Hyderabad’s hands - HELD THAT:- Fact remains that the Assessing Officer appears to have filed a remand report dt.22-04-2014 prima facie indicating the alleged nexus. Be that as it may, since much water is flown down the stream since 2013, we deem it appropriate to restore the instant second issue as well back to the file of Assessing Officer for his afresh factual re-conciliation to ensure that the impugned double addition is not made in the assessee’s group entities’ hands. It is further made clear that it shall be a risk and responsibility of the assessee only to file its supportive evidence proving live nexus of the impugned sister concern.This second issue also accepted partly for statistical purposes in foregoing terms
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