TMI BlogITAT Rules Against Double Taxation on Declared Income u/ss 69A and 115BBE; Favors Assessee's Appeal.Assessee declared cash deposit of Rs. 42 lacs during demonetization period as income. AO made another addition u/s 69A for same amount, treating it as unexplained money and levied tax u/s 115BBE, resulting in double taxation of same income. ITAT held that AO's action of making addition over and above income declared by assessee is wrong and against provisions of Act. Since assessee had already offered cash deposit as income, no separate addition could be made. Appeal allowed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|