https://www.taxtmi.com/caselaws?id=256250 The Tribunal allowed the appeal in part, directing the Assessing Officer to allow deduction of the amount received by the company from brokerage on new issue of shares, as it was determined that the income from IPO business belonged to a partnership firm, not the company. The Tribunal emphasized the importance of attributing income to the actual earning entity to prevent double taxation based on gross receipts without considering actual income earned, providing relief to the assessee regarding the taxation of income related to the IPO business for AY 2005-06. en-us Wed, 31 Dec 2014 00:00:00 +0530 Sat, 07 Feb 2015 19:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256250 The Tribunal allowed the appeal in part, directing the Assessing Officer to allow deduction of the amount received by the company from brokerage on new issue of shares, as it was determined that the income from IPO business belonged to a partnership firm, not the company. The Tribunal emphasized the importance of attributing income to the actual earning entity to prevent double taxation based on gross receipts without considering actual income earned, providing relief to the assessee regarding the taxation of income related to the IPO business for AY 2005-06. Case-Laws Income Tax Wed, 31 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256250