https://www.taxtmi.com/caselaws?id=428797 The Tribunal ruled in favor of the assessee, allowing the appeals against separate orders of the Ld. CIT(A) for A.Y. 2010-11. It found that the property transactions were conducted using partnership firm funds, with no individual partner contributions, leading to the surplus amount being credited to the firm's account. As no profit accrued to the individual partners, the Tribunal deemed the addition of income in their hands unjustified, citing concerns of double taxation. Consequently, the Tribunal deleted the income addition by the AO, emphasizing the proper accounting of funds within the partnership firm's financial records. en-us Fri, 07 Oct 2022 00:00:00 +0530 Tue, 11 Oct 2022 10:20:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428797 The Tribunal ruled in favor of the assessee, allowing the appeals against separate orders of the Ld. CIT(A) for A.Y. 2010-11. It found that the property transactions were conducted using partnership firm funds, with no individual partner contributions, leading to the surplus amount being credited to the firm's account. As no profit accrued to the individual partners, the Tribunal deemed the addition of income in their hands unjustified, citing concerns of double taxation. Consequently, the Tribunal deleted the income addition by the AO, emphasizing the proper accounting of funds within the partnership firm's financial records. Case-Laws Income Tax Fri, 07 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428797