Demonetisation Helpful Case: When a receipt is accounted for as income, no separate addition of the same amount as income of the assessee under any other Section of the Act can be made

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Demonetisation Helpful Case: When a receipt is accounted for as income, no separate addition of the same amount as income of the assessee under any other Section of the Act can be made
ITAT Kolkata decision maybe very useful for Demonitization cases u/s 115BBE of IT Act
Facts of the case:
Cash advances from several people to explain cash credit. Subsequently sale recorded against such advances.
Conclusion:
Held cash credit advance to be delete. As these advances have subsequently been recorded as sales of the assessee firm and  that these sales have been accepted as income by the AO during the year. He has not disturbed the sales of the assessee. When a receipt is accounted for as income, no separate addition of the same amount as income of the assessee under any other Section of the Act can be made as it would be a double addition.

 

 

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