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2012 (7) TMI 456 - AT - Income TaxAddition is made on the ground that there is under-recovery of sale proceeds on an inference that there is a sale – Held that:- Once the agreement is not doubted and the income has been disclosed in the hands of one of the co–developers, it would be not correct for the Revenue to step in and decide what should be the share of each party - When the income on this area has been offered to tax by the sister concern - it is not proper for the Assessing Officer to sit in the judgment as to which firm is entitled to the revenue on this area of 1628.21 sq.ft. There is no loss to the Revenue as one of the sister concerns has offered the income in question to tax - addition would amount to taxing the same amount in the hands of two assessees which would be bad–in–law.
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