Case Law Details
Sourabh Aggarwal Vs DCIT (ITAT Delhi)
ITAT Delhi held that addition u/s 69A of the Income Tax Act unsustainable as cash deposit of INR 4.50 cr. is income under the scheme Pradhan Mantri Garib Kalyan Yojana (PMGKY) and the same is cleared by a valid declaration under the scheme.
Facts-
The sum and substance of the quarrel is that the ld. CIT(A) erred in upholding an addition made of Rs. 4.50 crores u/s 69A of the Income Tax Act ignoring the fact that once advance tax was duly paid on the sum deposited in the bank account, the said sum could not be taxed as income u/s 69A of the Act.
The other issue directly related to the aforementioned quarrel is that treating the declaration made under Pradhan Mantri Garib Kalyan Yojna Scheme, 2016 [PMGKY] as invalid would not make cash deposit of Rs. 4.50 crores during the period of demonetization in the bank account maintained by the assessee is taxable as income from other sources u/s 69A of the Act.
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