Double Taxation Not Permitted: ITAT Mumbai Deletes 2% Estimated Profit Added in Hands of Partnership Firm

Bahri Auto Service Vs CIT ( ITAT Mumbai) Double Taxation Not Permitted: ITAT Mumbai Deletes 2% Estimated Profit Added in Hands of Partnership Firm Assessee-firm, Bahri Auto Service, faced reassessment u/s 147 r.w.s. 144/144B after AO noticed cash deposits in its partnership bank account & treated 8% of total credits (₹48,27,830) as taxable income, alleging no return was filed in the firm’s name. CIT(A) examined the entire factual matrix & found that the petrol pump business was originally a sole proprietorship of Late Shri Somraj H. Bahri. After his demise on 21.04.2014, legal heir...