Liquor Licence in Father’s Name, Profits in Son’s Books: ITAT Upholds Taxability

Kunhi Raman Vs ITO (ITAT Bangalore) Liquor Licence in Father’s Name, Business in Son’s Hands –Income Taxable in Son’s Case-Double Taxation Avoided: Bang ITAT The appeal was filed against the Order of CIT(A)/NFAC which had upheld addition of Rs.20,67,056 as business income, computed @10% of liquor purchases of Rs.2,06,70,598 from Karnataka State Beverages Corporation Ltd. (KSBCL). AO had treated the purchases in the name of Assessee as his own, since the liquor licence stood in his name, & estimated profits @10% of such turnover. Assessee contended that while licence was in his name...