No Double Taxation of Same Bank Credits, Matter Sent for Verification

Balakrishnan Ramanathan Vs ITO (ITAT Chennai) No Double Tax on Same Bank Credits: ITAT Directs Verification Where Income Already Offered in HUF’s Hands The Chennai Bench of the ITAT, in Balakrishnan Ramanathan v. ITO (AY 2013-14), dealt with reassessment where the AO estimated income at 8% of total bank credits amounting to ₹2.71 crore, resulting in an addition of ₹21.68 lakh in the hands of the individual assessee. The assessee contended that the bank transactions pertained to businesses carried on by his HUF (petroleum retail and textile business) and that the income component had alre...