If Deposits Are Already Included in Proprietor’s Income, They Cannot Be Taxed Again: ITAT:
ITAT held that cash deposits already recorded and taxed in the successor proprietorship concern cannot be taxed again in the hands of the dissolved partnership firm and remanded the matter for verification.
ITAT Directs AO to Verify Taxability of Cash Deposits
Vanshika verma
Jun 5, 2026Premium
If Deposits Are Already Included in Proprietor’s Income, They Cannot Be Taxed Again: ITAT
ITAT held that cash deposits already recorded and taxed in the successor proprietorship concern cannot be taxed again in the hands of the dissolved partnership firm and remanded the matter for verification.
Also Read
High Court Holds Judges’ Statutory Allowances Outside New Tax RegimeGot a Rs 6,000 Income Tax Payment Alert? PIB Fact Check Calls It a Phishing ScamDelhi High Court Allows SC and HC Judges to File or Revise ITR Under New Regime Without Listing Certain AllowancesITAT Grants Fresh Opportunity After 220-Day Appeal Delay, Sends Ex-Parte Tax Dispute Back to JAO
About Author
Vanshika verma
Content Writer
Vanshika Verma is a Content Writer with 1+ year of experience at Studycafe.in. A B.Com graduate from Delhi University, She writes articles on Finance, Tax, ICAI, GST, and the latest financial news, with a focus on making complex topics easy for readers and professionals.
Vanshika Verma is a Content Writer with 1+ year of experience at Studycafe.in. A B.Com graduate from Delhi University, She writes articles on Finance, Tax, ICAI, GST, and the latest financial news, with a focus on making complex topics easy for readers and professionals.
Studycafe
Delhi, Delhi, India
1785My Recent Articles
- CBI Arrests DGFT Assistant Director General in Rs 30,000 Bribery Case in Haryana
- CBI Arrests Proclaimed Offender After Nearly a Decade of Absconding
- Got a Rs 6,000 Income Tax Payment Alert? PIB Fact Check Calls It a Phishing Scam
- CBI Arrests Key Agent in Human Trafficking Network Linked to Myanmar, Cambodia Scam Compounds
- Retired Income Tax Officer Loses Rs 51 Lakh in ‘Digital Arrest’ Cyber Fraud
Up Next
Loading suggestions…
Recent Posts
All Posts
Recent Posts
All Posts