Demonetization

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. Get valuable tax information....

FAQs on ₹2000 Denomination Banknotes – Withdrawal from Circulation

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 ...

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

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....

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 without facing taxes. Understand the implications for individuals and the economy....

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

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....

SFIO Arrests CA in Hyderabad: Demonetization Role

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....

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 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 […]...

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 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 [...

Value of counterfeit notes detected in banking system reduced post demonetisation

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...

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 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....

Cash deposit outside relevant assessment year cannot be considered for assessment

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....

ITAT Hyderabad Orders Review of Jewellers’ Demonetization Cash Deposits & Sales

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....

Section 68: Source of Cash Deposit Must Be Examined Before Addition

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....

Section 69A: Cash Deposits during Demonetization not Taxable if Source Explained

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....

When Profit Is Estimated, Cash Deposit During Demonetization Is Not Taxable Separately

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 Extends ₹2000 Banknote Withdrawal Deadline to October 7, 2023

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....

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

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....

MCA Penalizes Auditor for Failure to Report Specified Bank Note Dealings

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...

Clearing the Air: RBI Addresses Allegations of Missing Banknotes

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....

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

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....

Recent Posts in "Demonetization"

Cash deposit outside relevant assessment year cannot be considered for assessment

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....

ITAT Hyderabad Orders Review of Jewellers’ Demonetization Cash Deposits & Sales

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....

Section 68: Source of Cash Deposit Must Be Examined Before Addition

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....

Section 69A: Cash Deposits during Demonetization not Taxable if Source Explained

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....

When Profit Is Estimated, Cash Deposit During Demonetization Is Not Taxable Separately

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....

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

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....

Posted Under: Income Tax |

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

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....

FAQs on ₹2000 Denomination Banknotes – Withdrawal from Circulation

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 ...

Posted Under: Income Tax | ,

Sufficient Opening Cash Balance: Demonetization Cash Deposit Addition Deleted

Hasmukh Kanjibhai Tadhani Vs ITO (ITAT Surat)

In this article, we discuss case of Hasmukh Kanjibhai Tadhani Vs ITO (ITAT Surat) involving cash deposits during demonetization, with detailed analysis and outcome...

Demonetization Cash Deposits: Not Unexplained Money with Established Cash Sales History

ACIT Vs Himachal Fibres Limited (ITAT Delhi)

Cash deposited during demonetization can't be unexplained if taxpayer has a history of cash sales and no discrepancies found in books....

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