Amounts declared under PMGKY scheme cannot be taxed again u/s. 69A

Tharanipathy Rajkumar Vs ACIT (ITAT Chennai)

ITAT Chennai held that once the cash deposits through circular trading has been declared on collective basis under PMGKY, the same could not be added again in the hands of the individual parties. Accordingly, addition u/s. 69A deleted to the extent declared under PMGKY Scheme.

Facts- The present appeal has been preferred by the assessee. As is evident, the sole grievance of the assessee is confirmation of certain addition u/s 69A against various parties viz. M/s. Sri Sakthi Sai Enterprises, M/s Infant Jesus Founda

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