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TMI Blog2013 (12) TMI 719X X X X Extracts X X X X X X X X Extracts X X X X ..... nvestments of the AOP for assessment years 1999-2000 and 2000-01 have been assessed in the hands of Agresan Sahakari Pat Sanstha Ltd. for the very same assessment years as unexplained cash credits u/s 68 - The impugned additions are unsustainable as it would amount to taxing of the same income twice i.e. in separate hands for the same assessment years - Decided against Revenue. X X X X Extracts X X X X X X X X Extracts X X X X ..... . In the course of survey action u/s 133A of the Act against Agresan Sahakari Pat Sanstha Ltd. on 18.06.2001 certain documents were found which as per the Revenue constituted fictitious FDRs. The amounts represented by such FDRs standing in different names in the account books of the Pat Sanstha were assessed as unexplained income in the hands of the Pat Sanstha by invoking section 68 of the Act for assessment year 1999- 2000- Rs.2,01,60,000/- and assessment year 2000-01- Rs.1,06,02,000/- vide orders of assessment made by the Assessing Officer u/s 143(3) of the Act dated 31.03.2004. The Pat Sanstha carried the matter in appeal before the CIT(A) who, while sustaining the income assessed u/s 68 of the Act allowed the benefit of exemption u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... akari Pat Sanstha Ltd. for the same assessment years and therefore, the addition in the hands of the individual Directors u/s 69 of the Act on account of unexplained investments in the same FDRs, was not sustainable. 5. Now, we may come to the assessments of the AOP, which are presently before us. On 27.02.2004, Assessing Officer issued notice u/s 148 of the Act on the group of 19 individual Directors of the Pat Sanstha on the basis that they constituted an AOP and certain income had escaped assessment inasmuch as the aforesaid FDRs were assessable as unexplained investments u/s 69 of the Act for assessment years 1999-2000 and 2000-01. Consequently, on 24.03.2005 the Assessing Officer assessed the income of the AOP u/s 69 of the Act treati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the very same assessment years as unexplained cash credits u/s 68 of the Act. In this view of the matter, the impugned additions are unsustainable as it would amount to taxing of the same income twice i.e. in separate hands for the same assessment years. The aforesaid parity of reasoning also prevailed with the Tribunal in ITA No. 620 to 622/PN/2009 dated 21.10.2011 while adjudicating the efficacy of similar additions made in the hands of the individual Directors of the Agresan Sahakari Pat Sanstha Ltd.. Though in the hands of the Agresan Sahakari Pat Sanstha Ltd., the income assessed u/s 68 of the Act on account of fictitious FDRs has been found to be eligible for deduction u/s 80P(2)(a)(i) of the Act, so however the same does distrac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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