https://www.taxtmi.com/caselaws?id=764443 ITAT Kolkata held that AO erred in making double addition of the same income. The assessee had suo moto declared cash deposit of Rs. 42 lacs during demonetization period as income in return. However, AO accepted this declared income but simultaneously made separate addition under section 69A for the same amount as unexplained money and levied tax under section 115BBE. The tribunal ruled this constituted double taxation of identical income, which is impermissible under the Act. The CIT(A)'s confirmation of AO's order was deemed wrong. Appeal allowed in favor of assessee. en-us Wed, 08 Jan 2025 00:00:00 +0530 Thu, 09 Jan 2025 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764443 ITAT Kolkata held that AO erred in making double addition of the same income. The assessee had suo moto declared cash deposit of Rs. 42 lacs during demonetization period as income in return. However, AO accepted this declared income but simultaneously made separate addition under section 69A for the same amount as unexplained money and levied tax under section 115BBE. The tribunal ruled this constituted double taxation of identical income, which is impermissible under the Act. The CIT(A)'s confirmation of AO's order was deemed wrong. Appeal allowed in favor of assessee. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764443