Cash Deposit Declared as Income Can't Be Taxed Again u/s 69A.

An assessee declared a cash deposit of Rs. 42 lakhs during the demonetization period as income. The Assessing Officer (AO) added the same amount under Section 69A, treating it as unexplained money, and levied tax under Section 115BBE, leading to double taxation. The Income Tax Appellate Tribunal (ITAT) ruled that the AO's additional taxation was incorrect and contrary to the Act's provisions. Since the assessee had already declared the cash deposit as income, no further addition was warranted. The appeal was allowed in favor of the assessee. .....

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