https://www.taxtmi.com/caselaws?id=456433 ITAT Mumbai ruled in favor of the assessee regarding addition of undisclosed income under sections 69A/68 for SBN deposits during demonetization. The tribunal held that since sales income was already offered to tax and accepted by authorities under business profits, adding cash deposits under section 68 would result in double taxation of the same amount. The assessee successfully discharged the burden of proving the source of deposited cash. The contradictory stance of accepting business income while simultaneously making additions under section 68 was deemed untenable. Addition deleted; appeal allowed. en-us Mon, 26 Feb 2024 00:00:00 +0530 Wed, 24 Jul 2024 21:19:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456433 ITAT Mumbai ruled in favor of the assessee regarding addition of undisclosed income under sections 69A/68 for SBN deposits during demonetization. The tribunal held that since sales income was already offered to tax and accepted by authorities under business profits, adding cash deposits under section 68 would result in double taxation of the same amount. The assessee successfully discharged the burden of proving the source of deposited cash. The contradictory stance of accepting business income while simultaneously making additions under section 68 was deemed untenable. Addition deleted; appeal allowed. Case-Laws Income Tax Mon, 26 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456433