Allowing the petition the Court held that; the amount which the Assessing Officer is proposing to add as undisclosed income has been disclosed by Gard Logistics Pvt. Ltd. as undisclosed income under Income declaration scheme. Attempt on the Assessing Officer to assessee the same income as undisclosed income of the assessee would amount to double taxation. Accordingly the reassessment is bad in law. Circulars and Notifications: Circular dt. 1-9-2016 (AY. 2010-11)
M.R. Shah Logistrics (P.) Ltd. v. Dy. CIT (2018) 258 Taxman 103 / 172 DTR 408/ 308 CTR 493(Guj)(HC)
S. 147 : Reassessment -Unexplained money – Income Declaration Scheme, 2016- Share premium and share capital-Disclosed by Gard Logistics Pvt. Ltd. as undisclosed income- Attempt to assessee the same income as undisclosed income of the assessee would amount to double taxation – Reassessment is bad in law .[ S.69A,143(1), 148 ]