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Demonetization

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Cash Deposits & Taxation: Section 69A vs. Section 44AD: Key Case Laws

Income Tax : Explore the impact of demonetization on cash deposits in India and the key legal insights from Section 69A vs. Section 44AD cases....

November 7, 2023 11994 Views 0 comment Print

FAQs on ₹2000 Denomination Banknotes – Withdrawal from Circulation

Fema / RBI : Public can continue to use ₹2000 banknotes for their transactions and also receive them in payment. However, they are encouraged...

September 30, 2023 9726 Views 1 comment Print

What are the implications of depositing this Rs. 2000 note in Bank?

Finance : Understand the implications of depositing the Rs. 2000 note in banks amid its withdrawal from circulation. Explore challenges, inc...

May 25, 2023 4137 Views 0 comment Print

New Income Tax Amnesty Scheme? Convert Black into White without any Tax!

Income Tax : Explore the potential pitfalls and opportunities of the new income tax amnesty scheme. Learn how to convert black money into white...

May 24, 2023 46965 Views 6 comments Print

Reserve Bank of India to Withdraw Rs 2,000 Banknotes from Circulation

Fema / RBI : RBI recently made a significant decision to withdraw circulation of Rs 2,000 denomination banknotes. While these notes will contin...

May 23, 2023 600 Views 0 comment Print


Latest News


SFIO Arrests CA in Hyderabad: Demonetization Role

CA, CS, CMA : SFIO, Ministry of Corporate Affairs, arrests CA Nalin Prabhat Panchal in Hyderabad for failure to honor summons related to Nityank...

September 18, 2023 1482 Views 1 comment Print

Demonetisation and its effect on Indian economy

Income Tax : No study on effect of withdrawal of legal tender character of the Specified Bank Notes (SBNs) on Indian economy has been published...

March 23, 2023 1038 Views 0 comment Print

Demonetisation led to detection of black money & widening of tax base

Income Tax : Demonetisation, inter alia, led to detection of black money, increase in tax collection and widening of tax base: Union MoS for Fi...

February 15, 2023 996 Views 0 comment Print

Value of counterfeit notes detected in banking system reduced post demonetisation

Fema / RBI : Value of counterfeit notes detected in banking system reduced from ₹43.47 crores in 2016-17 to ₹8.26 crores in 2021-22 since d...

August 10, 2022 315 Views 0 comment Print

No proposal to stop circulation of Rs 2,000 notes

Income Tax : An analysis of the search cases, conducted by Income Tax Department (ITD), involving cash seizures of more than Rs 5 crores in the...

December 3, 2019 1089 Views 0 comment Print


Latest Notifications


RBI Extends ₹2000 Banknote Withdrawal Deadline to October 7, 2023

Fema / RBI : RBI has extended deadline for withdrawal of ₹2000 banknotes to October 7, 2023. Learn about new guidelines and arrangements....

September 30, 2023 2658 Views 0 comment Print

Banks to maintain daily data on deposit & exchange of ₹2000 banknotes: RBI

Fema / RBI : Banks are advised to make necessary arrangements at their branches to accommodate customers seeking to exchange ₹2000 banknotes....

May 22, 2023 10218 Views 0 comment Print

₹2000 Denomination Banknotes – Withdrawal from Circulation by RBI

Fema / RBI : RBI decided to withdraw ₹2000 denomination banknotes from circulation. Banknotes in ₹2000 denomination will continue to be leg...

May 19, 2023 9573 Views 0 comment Print

Cases of substantial cash deposit during demonetisation period- Reg.

Income Tax : Functionality for viewing information related to Cases of substantial cash deposit during the demonetisation period in which notic...

March 19, 2019 4107 Views 0 comment Print

Deposit of specified bank notes with Reserve Bank

Fema / RBI : MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 20th June, 2017 G.S.R. 611(E).-In exercise of the...

June 21, 2017 2241 Views 0 comment Print


Addition during demonetization not sustained in absence of any abnormal trend of cash sales

September 4, 2023 714 Views 0 comment Print

Held that the cash sales and corresponding cash deposits have been a regular feature of the business of the assessee and there is certainly no abnormal trend of cash sales and cash deposit during the demonetization period. Accordingly, addition deleted.

Duly accounted cash sales during demonetization cannot be treated as unexplained cash credit

September 1, 2023 1212 Views 0 comment Print

Analysis of the ITAT Chennai’s ruling in Micky Fireworks Vs ACIT, focusing on the debate around unexplained cash under Section 68 during the demonetization period.

93% of ₹2000 Banknotes in Circulation as of May 19, 2023 Returned

September 1, 2023 408 Views 0 comment Print

Reserve Bank of India’s decision to withdraw ₹2000 banknotes has been highly effective, with 93% of these notes already returned from circulation.

MCA Penalizes Auditor for Failure to Report Specified Bank Note Dealings

August 18, 2023 12081 Views 0 comment Print

Introduction: In a significant move towards ensuring financial transparency and accountability, the Ministry of Corporate Affairs (MCA) has recently imposed a penalty on an auditor for their failure to report dealings in specified bank notes. The penalty was issued through Order No. ROC/PAT/ Inquiry/13665/834 on August 18, 2023. This order provides valuable insights into regulatory […]

ITAT Partially Allows Appeal on Cash Deposit during Demonetization Period

August 9, 2023 849 Views 0 comment Print

Read the ITAT Chennai order on cash deposit during demonetization. The appeal is partially allowed due to failure to produce documentary evidence for some deposits.

ITAT Upholds invocation of Section 263 for demonetized Cash Deposit & Acceptance

August 6, 2023 1380 Views 0 comment Print

SAP Medicals Pvt. Ltd. vs. ITO: Appeal against ITAT’s 263 ruling. Explore demonetization cash deposit issue, legal analysis, and dismissal grounds.

Old currency notes receipt for booking of railway tickets allowed during demonetization

July 29, 2023 714 Views 0 comment Print

ITAT Surat held that addition towards cash deposited during demonetization period unwarranted as booking of railway tickets were allowed by way of old currency notes. Here, cash were received from various travelers for booking of railway tickets.

Madras HC Rejects Writ on Cash Deposit Addition

July 27, 2023 735 Views 0 comment Print

Read the Madras High Court judgment in Junaitha Begum Vs Assessing Officer case, involving a disputed assessment order and cash deposit addition.

Unexplained Cash Deposit Post-Demonetization Invokes Section 69A

July 26, 2023 3615 Views 0 comment Print

ITAT Chennai held that addition towards unexplained money under section 69A of the Income Tax Act sustained as cash deposited during demonetization period cannot be said to be cash gifts received during occasion of marriage in December 2015.

Cash Deposits during Demonetization Linked to LPG Cylinder Sale: ITAT directs Reconsideration

July 19, 2023 759 Views 0 comment Print

A detailed analysis of the recent ITAT Bangalore ruling in Anaveer Proprietor Vs ITO. The matter has been restored for reconsideration of the source of cash deposits during demonetization linked with LPG cylinder sales.

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