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TMI Blog2009 (7) TMI 61X X X X Extracts X X X X X X X X Extracts X X X X ..... son, who extended such credit in the form of security deposit to the tune of Rs.2 crores and another credit of Rs.42,71,373 – Such cash credit was assessed in the hands of company and tax levied – AO wanted to assess the same in the hands of proprietor – held that that action of AO is not valid – the same transaction can not be subject to double taxation. - 630 of 2009 - - - Dated:- 20-7-2009 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of section 68 of the Income Tax Act ?" 2. The brief facts are that the assessee herein is a proprietory concern. The assessment relates to the assessment year 2003-2004. The assessment order came to be made on 28.3.2006. At the time when the assessment order came to be passed, the assessing authority himself has noted that the assessee's proprietory concern was converted into a private limi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company was reopened for the very same assessment year 2003-2004 for considering the investment of share capital. The assessing authority, therefore, held that the issue can be considered as and when the assessment for the assessment year 2003-2004 for the company is completed. As far as the remaining sum of Rs.51,45,550/- was concerned, the same was added, as the assessee failed to prove the sam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd the tax liability was also fastened on the company. The Tribunal has, therefore, held as under in its order in paragraph 6:- "6.Learned counsel for the assessee, in order to counter the submission of Learned D.R., has pleaded that firstly, assessing officer has adopted one of the 2 possible views and assessing officer did not probe further cause of the reasons mentioned in the assessment orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any, the Tribunal, in our considered opinion, rightly held that there cannot be a further liability fastened on the proprietory concern for that assessment year, viz., 2003-2004, which had already suffered tax in the hands of the company with which the proprietory concern got merged. 5. In such circumstances, we do not find any scope to entertain this appeal on any question of law, much less s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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