Income Tax - Explore the impact of demonetization on cash deposits in India and the key legal insights from Section 69A vs. Section 44AD cases. Get valuable tax information....
Income Tax - Public can continue to use ₹2000 banknotes for their transactions and also receive them in payment. However, they are encouraged to deposit and/or exchange these banknotes ...
Income Tax - Understand the implications of depositing the Rs. 2000 note in banks amid its withdrawal from circulation. Explore challenges, income tax considerations, and the need for accurate currency note counts for a smoother transition....
Income Tax - Explore the potential pitfalls and opportunities of the new income tax amnesty scheme. Learn how to convert black money into white without facing taxes. Understand the implications for individuals and the economy....
Income Tax - RBI recently made a significant decision to withdraw circulation of Rs 2,000 denomination banknotes. While these notes will continue to be legal tender, the RBI has set a deadline of September 30, 2023, for their exchange....
Income Tax - SFIO, Ministry of Corporate Affairs, arrests CA Nalin Prabhat Panchal in Hyderabad for failure to honor summons related to Nityank Infrapower case during demonetization....
Income Tax - No study on effect of withdrawal of legal tender character of the Specified Bank Notes (SBNs) on Indian economy has been published by the Government. This was stated by the Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today. Certain studies on related matter […]...
Income Tax - Demonetisation, inter alia, led to detection of black money, increase in tax collection and widening of tax base: Union MoS for Finance Shri Pankaj Chaudhary Demonetisation, inter alia, led to detection of black money, increase in tax collection and widening of tax base. This was stated by Union Minister of State for Finance Shri Pankaj [...
Income Tax - Value of counterfeit notes detected in banking system reduced from ₹43.47 crores in 2016-17 to ₹8.26 crores in 2021-22 since demonetisation...
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 last three Financial Years reveals that there is a declining trend visible in the seizure of unaccounted cash in denomination of Rs 2,000 notes....
Rakesh Reddy Keshanna Vs ITO (ITAT Hyderabad) - Discover the ITAT Hyderabad's ruling on assessing cash deposits outside the relevant assessment year in the case of Rakesh Reddy Keshanna Vs ITO....
Bollam Sampath Kumar Jewellers (P) Ltd Vs ACIT (ITAT Hyderabad) - ITAT Hyderabad orders fresh examination of Bollam Sampath Kumar Jewellers' cash deposits and sales during demonetization, highlighting the importance of documentation....
Mudhol Pattina Sahakari Sangh Niyamita Vs ACIT (ITAT Bangalore) - In the landmark Mudhol Pattina Sahakari Sangh Niyamita vs. ACIT case, ITAT Bangalore held additions under Section 68 need examination of cash deposit source....
Amikrupa Education Trust Vs ITO (ITAT Ahmedabad) - Ahmedabad ITAT allows Amikrupa Education Trust's appeal, ruling cash deposits during demonetization with explained sources not taxable under Section 69A....
Puligilla Purnachander Vs ITO (ITAT Hyderabad) - Explore the ITAT Hyderabad's order in Puligilla Purnachander Vs ITO case for insights on Income Tax Act Section 69A, gross sales, and demonetization deposits....
RBI/2023-24/64 DCM(Plg) No. S-1288/10.27.00/2023-24 & Press Release: 2023-2024/1025 - (30/09/2023) - RBI has extended deadline for withdrawal of ₹2000 banknotes to October 7, 2023. Learn about new guidelines and arrangements....
Press Release: 2023-2024/851 - (01/09/2023) - Reserve Bank of India's decision to withdraw ₹2000 banknotes has been highly effective, with 93% of these notes already returned from circulation....
Order No. ROC/PAT/ Inquiry/13665/834 - (18/08/2023) - 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...
Press Release: 2023-2024/428 - (17/06/2023) - Addressing circulating media reports, the Reserve Bank of India emphatically denies allegations of missing banknotes. The RBI stresses the presence of robust systems for banknote reconciliation, urging the public to rely on official RBI releases....
RBI/2023-24/33 DCM(Plg) No.S-239/10.27.00/2023-24 - (22/05/2023) - Banks are advised to make necessary arrangements at their branches to accommodate customers seeking to exchange ₹2000 banknotes. This includes providing shaded waiting spaces, drinking water facilities, and other amenities, considering the ongoing summer season....
Rakesh Reddy Keshanna Vs ITO (ITAT Hyderabad) -
Bollam Sampath Kumar Jewellers (P) Ltd Vs ACIT (ITAT Hyderabad) -
Mudhol Pattina Sahakari Sangh Niyamita Vs ACIT (ITAT Bangalore) -
Amikrupa Education Trust Vs ITO (ITAT Ahmedabad) -
Puligilla Purnachander Vs ITO (ITAT Hyderabad) -
RBI/2023-24/64 DCM(Plg) No. S-1288/10.27.00/2023-24 & Press Release: 2023-2024/1025 - 30/09/2023
Hasmukh Kanjibhai Tadhani Vs ITO (ITAT Surat) -
ACIT Vs Himachal Fibres Limited (ITAT Delhi) -