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2016 (12) TMI 173 - AT - Income TaxAddition on undisclosed income on account of alleged profit earned on sale of flat - profit on sale of flat - taxability in the hands of Mr. Ravi Kiran Aggarwal or Mr. Dinesh Kiran Aggarwal - Held that:- The AO for both the tax payers is same i.e. DCIT, Central Circle-47, Mumbai. It has been held by the Hon’ble Supreme Court in Laxmi Path Singhania vs. CIT (1968 (8) TMI 8 - SUPREME Court) that it is the fundamental rule of the law of taxation that, unless otherwise expressly provided, income cannot be taxed twice. In view of the above, the order of the ld. CIT(A) is set aside and the case is restored back to the file of the AO to examine the above issue and make a fresh assessment as per the provisions of the Act , keeping in mind the above observation, after giving reasonable opportunity of being heard to the assessee. - Decided in favour of assessee for statistical purposes.
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