Income Tax : Explore the impact of demonetization on cash deposits in India and the key legal insights from Section 69A vs. Section 44AD cases....
Fema / RBI : Public can continue to use ₹2000 banknotes for their transactions and also receive them in payment. However, they are encouraged...
Finance : Understand the implications of depositing the Rs. 2000 note in banks amid its withdrawal from circulation. Explore challenges, inc...
Income Tax : Explore the potential pitfalls and opportunities of the new income tax amnesty scheme. Learn how to convert black money into white...
Fema / RBI : RBI recently made a significant decision to withdraw circulation of Rs 2,000 denomination banknotes. While these notes will contin...
CA, CS, CMA : SFIO, Ministry of Corporate Affairs, arrests CA Nalin Prabhat Panchal in Hyderabad for failure to honor summons related to Nityank...
Income Tax : No study on effect of withdrawal of legal tender character of the Specified Bank Notes (SBNs) on Indian economy has been published...
Income Tax : Demonetisation, inter alia, led to detection of black money, increase in tax collection and widening of tax base: Union MoS for Fi...
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...
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...
Fema / RBI : RBI has extended deadline for withdrawal of ₹2000 banknotes to October 7, 2023. Learn about new guidelines and arrangements....
Fema / RBI : Banks are advised to make necessary arrangements at their branches to accommodate customers seeking to exchange ₹2000 banknotes....
Fema / RBI : RBI decided to withdraw ₹2000 denomination banknotes from circulation. Banknotes in ₹2000 denomination will continue to be leg...
Income Tax : Functionality for viewing information related to Cases of substantial cash deposit during the demonetisation period in which notic...
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...
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.
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.
Reserve Bank of India’s decision to withdraw ₹2000 banknotes has been highly effective, with 93% of these notes already returned from circulation.
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 […]
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.
SAP Medicals Pvt. Ltd. vs. ITO: Appeal against ITAT’s 263 ruling. Explore demonetization cash deposit issue, legal analysis, and dismissal grounds.
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.
Read the Madras High Court judgment in Junaitha Begum Vs Assessing Officer case, involving a disputed assessment order and cash deposit addition.
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.
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.