Profit Already Disclosed & Taxed Cannot Be Added Again as Undisclosed Income: ITAT Delhi

Advertisement Nitin Rekhan Vs DCIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, allowed the assessee’s appeal and held that adding an amount already disclosed as business profit and taxed in the return of income by treating it as undisclosed income amounted to double taxation. The assessee had filed the return for Assessment Year 2013-14 declaring total income of Rs. 2,06,342/-. Following a survey under Section 133A in the case of another person allegedly engaged in providing accommodation entries through various concerns, the Assessing Officer (AO) reopened the asses...