Amount taxed in the head of related entities, cannot be taxed in the hand of Appellant

DCIT Vs Jugal Kishore Garg (Derewala) (ITAT Jaipur) The ld. CIT(A) observed that it is evident that the surplus being referred to by the Ld. AO is not profit from the projects but the receipts of ‘on money’ credited to the capital accounts of the partners which has been considered in the additional income offered by MBDL and accepted by the Hon’ble Settlement Commission. Thus on merits also since the amounts had already been added by the AO and the same had already been subjected to tax in the hands of MBDL and related entities, therefore, the ld. CIT(A) after considering all...