https://www.taxtmi.com/caselaws?id=262489 The Tribunal ruled in favor of the assessee, holding that the income from the sale of property, which belonged to a company where the assessee was a shareholder and director, should not be taxed in the hands of the individual. The Tribunal emphasized the separate taxability of a company and the individual, concluding that the amount received should be taxed in the company's hands, not the individual's, based on legal precedents and the duty of the Assessing Officer to assess the correct taxpayer. The appeal was allowed, overturning the lower authorities' decision. en-us Tue, 13 Jan 2015 00:00:00 +0530 Wed, 12 Aug 2015 06:51:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262489 The Tribunal ruled in favor of the assessee, holding that the income from the sale of property, which belonged to a company where the assessee was a shareholder and director, should not be taxed in the hands of the individual. The Tribunal emphasized the separate taxability of a company and the individual, concluding that the amount received should be taxed in the company's hands, not the individual's, based on legal precedents and the duty of the Assessing Officer to assess the correct taxpayer. The appeal was allowed, overturning the lower authorities' decision. Case-Laws Income Tax Tue, 13 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262489