https://www.taxtmi.com/caselaws?id=14201 Income found by the Tribunal to belong to an assessee-firm remains assessable in its hands even if the same amount has also been assessed in the hands of other persons. The Tribunal had recorded that the disputed amount arose from the firm's own accounts and was taxable as its income; that finding was decisive. Parallel assessment of the same income in another person's hands does not extinguish the real recipient's tax liability or justify deletion of the addition. The deletion was therefore not justified, and the issue was answered against the assessee and in favour of the Revenue. en-us Tue, 27 Feb 2001 00:00:00 +0530 Tue, 14 Jul 2009 13:36:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14201 Income found by the Tribunal to belong to an assessee-firm remains assessable in its hands even if the same amount has also been assessed in the hands of other persons. The Tribunal had recorded that the disputed amount arose from the firm's own accounts and was taxable as its income; that finding was decisive. Parallel assessment of the same income in another person's hands does not extinguish the real recipient's tax liability or justify deletion of the addition. The deletion was therefore not justified, and the issue was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Tue, 27 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14201