Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (2) TMI 644 - AT - Income TaxAddition u/s 68 - bogus LTCG - Addition on account of Long Term Capital Gain (LTCG) and expenditure in connection with the LTCG - HELD THAT:- As relying on ANJULA GOEL VERSUS THE D.C.I.T., CIRCLE-II, CHANDIGARH. [2021 (4) TMI 291 - ITAT CHANDIGARH] impugned income having been categorically taxed as undisclosed income of the assessee firm, we fail to understand why it should be taxed in the hands of the assessee also, which would only result in taxing the same income twice. The observation of the Hon’ ble Settlement Commission on which the Revenue has relied for dismissing assessee's claim, that they refrain from making any comment in respect of claim of utilization of additional income of M/s Rohit Traders in the hands of partners, in our view, only serves the limited purpose of the Commission refraining from commenting on assessee's which were not there before them. This observation, we find, does not negate the admitted and undisputed fact of surrender of the impugned capital gains of the assessee in the hands of M/s Rohit Traders. We direct the deletion of addition made on account of Long Term Capital Gains and expenditure incurred on account of the same in the hands of the assessee - Decided in favour of assessee.
|