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2018 (8) TMI 2006 - AT - Income TaxAddition on account of income from sale of Lodha Supremus Building - ITSC has already taxed the revenue from the project "LodhaSupremus" in the hand of SNCML - HELD THAT:- Income taxed by the AO in the assessee’s hand has already assessed and taxed in the hand of SNCML, therefore taxing the same again in the hand of the assessee will result into double taxation of the said income. While reaching to the conclusion, Ld. CIT(A) appreciated the facts from the audited financial statements and orders passed by Income Tax Settlement Commission (ITSC u/s 245 D(4) of the I.T. Act. We have also gone through the elaborated findings recorded to the effect that assessee was used as a SPV (Special Purpose Vehicle) by SNCML for the construction of ‘LodhaSupremus’, which is more likely a Cooperative Society carrying out work for and on behalf of its members out of the cost met by them and no profit could arise in the hands of SPV. Thus, the additions were rightly deleted by Ld. CIT(A) Moreover, no new facts or contrary judgments have been brought on record before us in order to controvert or rebut the findings so recorded by Ld. CIT(A). Therefore, there are no reasons for us to interfere into or deviate from the findings so recorded by the Ld.CIT(A). - Decided against revenue.
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