Cash Already Taxed Cannot Be Taxed Again Under Section 69A: ITAT Chennai

Sengodan Govindarajan Vs ITO (ITAT Chennai) Material Facts: The assessee, an individual, filed the return of income for AY 2017-18 on 29.03.2018 declaring income of Rs.1,26,000. The case was selected for limited scrutiny to verify cash deposits made during the year, including during the demonetisation period. During assessment, the assessee submitted that Rs.50 lakh had already been declared under the PMGKY Scheme and that an explanation regarding cash deposits of Rs.10 lakh had not been accepted in the assessment for AY 2016-17, where the amount had been brought to tax under section 143(3). ...