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Commissioner of Income Tax, Ghaziabad And Another Versus Shri Rajeev Gupta

2016 (10) TMI 932 - ALLAHABAD HIGH COURT

Unexplained investment in the residential house at Vapi - wife of the assessee after search and seizure opted for the Voluntary Disclosure of Income Scheme, 1997 - Held that:- VDIS was accepted as correct and genuine, the income could not have been added once again in the hands of the assessee. - Decided in favour of the assessee and against the Department. - Income Tax Appeal No. 375 of 2006 - Dated:- 24-10-2016 - Hon'ble Bharati Sapru And Hon'ble Vinod Kumar Misra, JJ. For the Appellan .....

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der of CIT (Appeals) in deleting the addition of ₹ 10,50,000/- on account of unexplained investment in the residential house at Vapi? 2. Whether the Tribunal is legally justified in deleting the addition of ₹ 36,83,000/- in respect of undisclosed share of Omega Laboratories Ltd. in various names, which were found and seized from the residence of the assessee at Vapi" The facts of the case are that the search was conducted under Section 132 on the business and residential premise .....

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the Department as genuine and good. In view of the aforesaid, the Tribunal has taken view that once VDIS was accepted as good and true then the same could not be assessed in the hands of the assessee once again. Learned counsel for the Department, Sri Subham Agarwal has very fairly placed before this Court the decision of Karnataka High Court in Income Tax Appeal No. 519 of 2008 (Commissioner of Income Tax & others Vs. Sri Kundanmal Babulal Jain) decided on 8.7.2014, wherein these very quest .....

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income and the amount of income tax paid in respect of the same. Once such a certificate is granted, the amount of the voluntary disclosed income shall not be included in the total income of the declarant for any assessment year under the Income Tax Act. Once a particular income is included in the income of the person and taxed any such person pays the tax, the same income cannot be taxed in the hands of another persons. In the instant case the amount has been taxed in the hands of HUF. Once the .....

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