https://www.taxtmi.com/caselaws?id=435119 The Tribunal upheld the CIT(A)'s decision to delete an addition of Rs. 80,94,250/- in the hands of the assessee. The Tribunal found that the cash deposits during demonetization were adequately explained by the assessee, who demonstrated that the deposits were from receivables on which tax had already been paid in previous years. The Tribunal emphasized that taxing the same amount again would result in double taxation, citing relevant case law. Consequently, the Revenue's appeal was dismissed, and the addition was deleted. en-us Wed, 11 Jan 2023 00:00:00 +0530 Mon, 13 Mar 2023 08:40:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435119 The Tribunal upheld the CIT(A)'s decision to delete an addition of Rs. 80,94,250/- in the hands of the assessee. The Tribunal found that the cash deposits during demonetization were adequately explained by the assessee, who demonstrated that the deposits were from receivables on which tax had already been paid in previous years. The Tribunal emphasized that taxing the same amount again would result in double taxation, citing relevant case law. Consequently, the Revenue's appeal was dismissed, and the addition was deleted. Case-Laws Income Tax Wed, 11 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435119