9911796707
TMI Blog1981 (3) TMI 103X X X X Extracts X X X X X X X X Extracts X X X X ..... According to the ITO, Shri Biharilal Mulchand Rohara alongwith four other entered into venture for purchasing and selling a piece of land. It was admitted, according to the ITO, by Shri Gokhldas Tokomal, Shri Mulchand Gumanmal and Shri Chinmal Dwarkadas in the statements recorded by the ITO that they entered into the agreement to purchase the land with an intention to sell it off at a later date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... heir individual shares and that there was no warrant for subsequently seeking to tax the assessee as an AOP. This plea was accepted by the AAC in view of the Calcutta High Court decision 116 ITR 657 (Cal) which held that the ITO cannot seek to assess the same income twice once in the hands of the members individually and then in the hands of the association by resorting to s. 147(a). The AAC, ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut that a majority of the High Court have held that s. 4 of the New Act had made on difference to the principle laid down by the Supreme Court in 60 ITR 95 (SC) in the case of Muralidhar Jhawar and Purna Ginning and Pressing Factory. In particular, the assessee relied upon the Calcutta High Court decision in the case of Ramanlal Madanlal 116 ITR 657 (Cal). 4. We have considered the rival conten ..... X X X X Extracts X X X X X X X X Extracts X X X X
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