There cannot be a further liability fastened on a proprietary concern in respect of credit entries which have already suffered tax in hands of a company with which said concern got merged
-
Where the assessee-proprietory concern got merged with a company and the credit entries in the name of the company in the accounts of the assessee came to be assessed to tax at the hands of the company, there could not be a further liability fastened on the proprietory concern which had already suffered tax in the hands of the company with which the proprietory concern got merged
HIGH COURT OF MADRAS
CIT
v.
Sudarshan Kumar Rungta
Tax Case (Appeal) No. 630 of 2009
July 20, 2009
