Demonetisation Deposits Already in Turnover – Double Taxation Invalid

Anand Mulky Vs ITO (ITAT Bangalore) Turnover Accepted, Receipts Cannot Be Taxed Again– Demonetisation Deposits from Sundry Debtors -Double Taxation Not Permitted- 68 Addition Struck Down Bangalore dealt with addition of cash deposits made during demonetisation. Assessee, engaged in retail trading of Samsung mobile phones & SIM cards, filed his return for AY 2017-18 declaring income of ₹18.46 lakh. During scrutiny, AO noticed cash deposits of ₹8,89,878 in specified bank notes on 10.11.2016 & 15.11.2016. Out of this, ₹2,26,255 was accepted as explained opening balance, while the ...