Section 69A doesn’t apply to cash deposited and declared as income

ITO Vs Zee Bangles Pvt Ltd (ITAT Mumbai) ITAT Mumbai held that provision of Sec. 69A of the Income Tax Act cannot be applied in respect of cash deposited which have been duly recorded in the books of account and had already been declared income in the return of income filed by the assessee. Facts- The assesse was engaged in the business of jewellery making and selling on both retail and wholesale basis. During the course of assessment proceedings the assessing officer pointed out that assesse company had deposited substantial cash in bank account during the demonetization period 09.09.2016 to...