Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (7) TMI 250 - ITAT DELHIIncome of the assessee not chargeable to tax because of principles of mutuality - HELD THAT:- This issue has already been decided by the Hon’ble Supreme Court in assessee’s own case reported [2020 (4) TMI 827 - SUPREME COURT]. The Hon’ble Supreme Court dismissed the appeal of the assessee. Thus, the income of the assessee is chargeable to tax and principle of mutuality does not apply. Income of the assessee not chargeable to tax on the principle of diversion of income by over-riding title - HELD THAT:- This issue is also covered against the assessee in assessee’s case by decision of ITAT for assessment years 2001-02 onwards in some of the years vide order dated 9th September, 2019 [2019 (9) TMI 551 - ITAT DELHI] wherein held that there is no applicability of doctrine of diversion of income by over-riding title in this case. Also we direct the AO that when this income is held to be chargeable to tax , assessee is principally entitle for benefit of set off of any carry forward losses of earlier years, if determined in accordance with law. The assessee is directed to produce the relevant details before the ld. Assessing Officer.
|