https://www.taxtmi.com/caselaws?id=393730 The Tribunal upheld the order of the ld. CIT(A) and deleted the addition of Rs. 20,00,000/- made under Section 68 of the Income Tax Act. It was concluded that once the income had already been taxed in the hands of the share applicant companies, no further disallowance was warranted in the hands of the assessee company. The appeal of the assessee was allowed, emphasizing that the same amount cannot be taxed twice, in line with previous judgments. en-us Wed, 26 Feb 2020 00:00:00 +0530 Fri, 20 Mar 2020 16:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393730 The Tribunal upheld the order of the ld. CIT(A) and deleted the addition of Rs. 20,00,000/- made under Section 68 of the Income Tax Act. It was concluded that once the income had already been taxed in the hands of the share applicant companies, no further disallowance was warranted in the hands of the assessee company. The appeal of the assessee was allowed, emphasizing that the same amount cannot be taxed twice, in line with previous judgments. Case-Laws Income Tax Wed, 26 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393730