Cash Source Taxed Under Section 269SS Cannot Be Added Again under Section 69A for time Gap

Sowjanya Basi Reddy Vs ITO (ITAT Hyderabad) Income Tax Appellate Tribunal (ITAT) Hyderabad Bench has provided significant relief to an assessee, Sowjanya Basi Reddy, by quashing an addition made under Section 69A of the Income Tax Act, 1961. The Tribunal ruled that once the source of cash deposits has been accepted and taxed under Section 269SS for a previous contravention, a subsequent addition on the same amount under Section 69A for unexplained money amounts to impermissible double taxation. The appeal was filed by the assessee against the order dated October 17, 2024, of the National Facel...