No Double Taxation of Benami Property – Protective Addition Deleted by ITAT

ACIT Vs Vicky Bahal (ITAT Lucknow) The ITAT Lucknow upheld deletion of a protective addition of ₹2.29 crore made under Section 69 in the hands of the assessee for alleged unexplained investment in property. The addition was originally made on a protective basis, as the same investment had already been taxed substantively in the hands of another person (beneficial owner) under benami proceedings. The Tribunal noted that the Income Tax Settlement Commission had already finalized taxation in the hands of the actual beneficial owner, including valuation adjustments. Once the income had been asse...