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2024 (2) TMI 577 - AT - Income TaxPenalty u/s 271D - contravention of the provisions of section 269SS - accepting loans from M/s Spaze Towers Pvt. Ltd - HELD THAT:- As decided in Aman Sharma [2023 (2) TMI 970 - PUNJAB AND HARYANA HIGH COURT] 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.
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