Profit Once Offered in Books Cannot Be Taxed Again: ITAT Delhi

DCIT Vs Majestic Properties Private Limited (ITAT Delhi) No Double Bite at Same Cherry – Profit Once Offered in Books Cannot Be Taxed Again -ITAT Delhi Rejects Duplicate Addition on Property Sales: Delhi Tribunal dismissed Revenue’s appeal by holding that once profits on sale of converted capital assets were already recorded in audited accounts & offered to tax, AO could not again invoke section 45(2) to make duplicate additions. Assessee, engaged in real estate, had converted certain capital assets into stock-in-trade & sold them in the same year. AO reopened assessment on the...