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2013 (11) TMI 1582 - AT - Income TaxIncome from undisclosed source u/s 68 - Held that:- The assessee has explained the source of obtaining the bogus loan being the amount received from the firm which has been offered by the firm to tax and subjected to the proceedings before the Settlement Commission. Therefore, we do agree with the finding of the CIT(A) that double addition cannot be made in respect of the amount which is already subjected to tax in the hand of the partnership firm and the assessee received the same as application of the income of the partnership firm. Accordingly, we do not find any error or illegality in the order of the CIT(A) qua this issue.
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