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2023 (5) TMI 1007 - AT - Income TaxAddition u/s 69A - unaccounted income of the assessee - income of the partnership firm added in the hands of the assessee - HELD THAT:- Details relating to the said firm and 'the' books of accounts and statements of the said firm were submitted before the assessing officer vide submissions in response to notice u/s 153C of the Act issued to the said firm. Similar submissions were made in the case of the assessee as well. However, the assessing officer did not take cognizance of the said submissions. CIT(A) also observed that M/s Platinum Developers has filed application before Hon'ble Settlement Commission, Mumbai in which the undisclosed income which is part of the seized material referred to above has been offered to tax in the hands of the said firm. CIT(A) held that the “Himgiri Project” belonged to M/s Platinum Developer and income including undisclosed income, if any, has to be brought to tax in the hands of the said firm only. The income of the firm especially when assessed to tax cannot be brought to tax in the hands of the individual partners. Addition made by the AO towards the income of the partnership firm M/s Platinum Developers in the hands of the assessee in the profit sharing ratio cannot be sustained. Appeal filed by the Revenue is dismissed.
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