Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2023 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (2) TMI 970 - HC - Income TaxPenalty proceedings u/s 271D - contravention of the provisions of Section 269SS - Assessee was one of the directors of Company Spaze Towers Pvt. Ltd as inflating its purchase and cash so generated was spent on the personal needs of the directors/promoters in the form of ceremonial functions, farm house construction etc and in the process nowhere actual cash changed hands, but was spent on personal expenses of promoters/directors - Spaze Towers Pvt. Ltd had approached the learned Settlement Commission and made disclosure of income - HELD THAT:- Once the Assessing Officer has treated the personal expenses incurred by M/s Spaze Towers Pvt. Ltd as income of the assessee, then the same amount cannot be treated as loan in violation of the provisions of Section 269SS of the Act 1961. The same income cannot be taxed in two hands in the same assessment year and CIT (A) has rightly deleted the additions made by the Assessing Officer. Decided in favour of assessee.
|