Cash Deposit Already Taxed in Proprietor’s Income Not Taxable Again in Firm’s Hands

ITO Vs Devesh Pharma (ITAT Delhi) The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) partly allowed the Revenue’s appeal for statistical purposes and restored the matter to the Assessing Officer for verification of factual aspects relating to additions made under Section 69A of the Income Tax Act, 1961. The case arose from an assessment order passed under Section 144 for Assessment Year 2017-18, wherein the Assessing Officer treated deposits and credits appearing in the bank account of M/s Devarshi Pharma as unexplained money under Section 69A. The firm had been selected for scr...