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2014 (7) TMI 301 - AT - Income TaxIncome to be offered for tax – liquor licence in the name of individual (assessee) - AP Beverages Corporation Ltd., while collecting payments on purchase of liquor has deducted tax at source by mentioning PAN of the assessee. – Held that:- The AO has completely mixed up facts as he has treated the amount of ₹ 88,25,300/- as rental income received from AP Beverages Corporation Ltd., which is not at all correct - though the license was issued in the name of individual because of restriction in the policy decision of the Prohibition and Excise Department, but, the liquor business was carried on by the company M/s Country Club (India) Pvt. Ltd. - The entire purchase from AP Beverages Corporation Ltd. and sales effected of liquor have been reflected in the books of account of the company and profit generated there from has been offered to tax in the return of income filed by the company - Relying upon CIT Vs. Bhooratnam & Co, [2013 (1) TMI 478 - ANDHRA PRADESH HIGH COURT] thus, there was no reason to interfere with the order of CIT(A) in deleting the addition as the particular income, which has been added at the hands of the assessee has already been offered to tax by the company in the return of income filed for the in the AY – Decided against Revenue.
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