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2018 (2) TMI 1370 - AT - Income TaxReceipt of amount without consideration - income from other sources u/s 56(2)(vi) - Amount received from employer’s various employee’s welfare trusts - Held that:- We are of the considered view that ld. CIT (A) has thrashed the controversy at hand at length by considering the aforesaid CBDT circular no.157 (F.No.228/8/73-IT (A-II) dated 26.12.1974 and judgment rendered by Hon’ble Supreme Court in ITO vs. Atchaiah (1995 (12) TMI 1 - SUPREME Court) and when the income of all the aforesaid 12 discretionary trusts have been charged to tax, the same income cannot be taxed twice when fell into the hands of the assessee. So, when the AO has exercised his option once by taxing all the 12 trusts duly described in preceding para no.6, it is not open to the assessing authority to assess the same income for that assessment year in the hands of the other person i.e. the beneficiary of the trusts. - Decided against revenue.
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