Cash sourced out of recorded sales cannot be added again u/s. 69A: ITAT Chennai

Sri Arumuga Cottspin Pvt. Ltd. Vs ACIT (ITAT Chennai) ITAT Chennai held that when the cash is sourced out of recorded sales, the provisions of section 69A of the Income Tax Act could not be invoked since sales have already been offered to tax and taxing same again u/s. 69A would amount to double taxation. Facts- A survey was conducted u/s 133A at the business premises of the assessee group on 23-03-2017. It transpired that the assessee deposited cash of Rs.1902 Lacs during demonetization period. The assessee also received advance of Rs.95.55 Lacs from its sister concern i.e., M/s Mahasakthi Mi...