Demonetization

क्या डिजिटल रुपया लांचिंग भविष्य में लागू होने वाली नोटबंदी है?

Income Tax - डिजिटल रुपी या कहें डिजिटल रुपया देश का भविष्य बनने जा रहा है. फिलहाल यह सरकार की ओर से पायलट प्रोजेक्ट के रूप में लागू किया गया और ...

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Discouragement of Cash Transactions under Various Laws in India

Income Tax - In order to curb cash transactions and to move into the digital world, Government of India has introduced Demonetization of old notes of Rs. 500 & Rs. 1000 from 8th November 2016 in order to control the parallel world of black market. Further, Government has also initiated various steps through various laws in India including [&hellip...

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देश में रहना हो तो चाहिए सिर्फ तीन चीजें- काला धन, काला धन और सिर्फ काला धन

Income Tax - आपको जानकर हैरानी होगी कि रिजर्व बैंक की वार्षिक रिपोर्ट 2016-17 से लेकर अब तक यानि 2021-22 के अनुसार रिजर्व बैंक ने 2016 से लेकर अब तक 500 और 2000 के...

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Implications of deposit of Specified Bank Notes vis-à-vis Section 69A

Income Tax - Legal implications of deposit of Specified Bank Notes (SBNs) vis-à-vis Section 69A of the Income-tax Act, 1961 It has been considerable time since the demonetization of the earlier bank notes of denomination Rs.1,000/- and Rs.5,000/-, also referred to as the Specified Bank Notes (SBNs) was implemented by the Central Government by notific...

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Remembering Demonetisation on its Fourth Birth Anniversary!!!

Income Tax - The primary reason for bringing out the Direct Tax Vivad Se Vishwaas Scheme 2020, as asserted by the learned Revenue Secretary is to ensure amicable resolution of disputes arising out of OCM/Demonetisation Cases. The Income-tax department has launched an aggressive outreach drive, wherein, a large number of jewellers and real-estate de...

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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 […]...

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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 [...

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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...

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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....

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1.06 Crore people filed ITR for 1st time mainly due to demonetization

Income Tax - Anti-black money measures brought undisclosed income of about Rs 1.3 Lakh Crore to tax  Rs 6,900 Crore worth Benami assets and Rs 1600 Crore worth foreign assets attached 18% growth in direct tax collection in Fy 2017-18 Tax base increased by 1.06 Crore people filing ITR for 1st time mainly on account of demonetization  The […]...

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ITAT deletes addition for duly explained Cash Deposits during demonetisation

Usha Narayan Chaware Vs ITO (ITAT Pune) - AO observed that the assessee deposited cash of Rs.17.00 lakh in his bank account on different dates during the demonetization period....

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Revision order u/s 263 rightly passed as AO failed to examine cash deposited during demonetization

K. Rajeswari Vs ACIT (ITAT Chennai) - ITAT Chennai held that as cash deposited by assessee received from petty shop owners on account of sale of its product during demonetization period was not examined by AO during assessment. Accordingly, PCIT rightly passed revision order u/s 263 directing AO to carry out necessary verification....

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Cash Deposits during Demonetization – ITAT upheld PCIT instruction to follow CBDT SOP

Chandrakant Tatoba Patil Vs PCIT (ITAT Pune) - Chandrakant Tatoba Patil Vs PCIT (ITAT Pune) ITAT noted that on an examination of the assessment record, the PCIT found abnormal increase in cash deposits during demonetization period as compared to pre-demonetization period. According to the PCIT, during the period from 09-11-2016 to 31-12-2016, th...

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Cash Deposit during Demonetization: ITAT confirm Addition partially in Absence of Statement of Affairs

A. Manoharan Vs ITO (ITAT Bangalore) - A. Manoharan Vs ITO (ITAT Bangalore) ITAT observe that the AO has made the addition under Section 69 of the Act of Rs.12,75,802/- for want of proper explanation of cash deposited during demonetisation period. The assessee tried to justify the same by submitted that the assessee had withdrawn cash fr...

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Mere wrong mention of section not fatal to addition

Shri Arif Vs ACIT (ITAT Bangalore) - Unexplained bank deposits cannot be considered under Section 68 and it falls under Section 69A. However, mentioning a wrong section by AO is not fatal....

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Bank to preserve CCTV recording of Demonetization period: RBI

No. RBI/2021-22/51 DCM(Plg). No. 51961/10.27.00/2021-22 - (08/06/2021) - Keeping in view the investigations pending with law enforcement agencies, proceedings pending at various courts, you are advised to preserve the CCTV recordings of operations at bank branches and currency chests for the period from November 08, 2016 to December 30, 2016 in a proper way, till further...

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Verification check list for assistance of AOs for OCM Cases

Instruction No. 15 - (15/11/2019) - In this regard, board has issued an instruction related to the verification checklist in the cash deposit cases during the demonetization period for providing the assistance to the AOs for verification of cash deposits and framing of assessment in the demonetisation related cases....

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Check list for Cash deposited during demonetisation

F.No.225/145/2019-ITA-II - (09/08/2019) - Board has earlier issued above referred SOPs/Instruction/Internal Guidance Note regarding handling of cases related to demonetisation. In continuation of the same, a Verification Checklist-cash deposits is enclosed herewith for providing assistance to AOs for verification of cash deposits and framin...

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Cases of substantial cash deposit during demonetisation period- Reg.

F. No. DGIT(S)-ADG(5)-2/Insight Instructions/292/2018-19 - (15/03/2019) - Functionality for viewing information related to Cases of substantial cash deposit during the demonetisation period in which notice under section 142(1) of the I. T. Act has remained non-complied...

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Complete Assessment of case of substantial cash deposit during demonetisation by 30.06.2019

No. 225/363/2017-ITA.II - (05/03/2019) - SOP for handling of cases related to substantial cash deposit during the demonetisation period in which notice under section 142(1) of the Income-tax Act, 1961 has not been complied-regd.-...

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Demonetization’s Popular Posts

Recent Posts in "Demonetization"

ITAT deletes addition for duly explained Cash Deposits during demonetisation

Usha Narayan Chaware Vs ITO (ITAT Pune)

AO observed that the assessee deposited cash of Rs.17.00 lakh in his bank account on different dates during the demonetization period....

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Demonetisation and its effect on Indian economy

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 […]...

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Posted Under: Income Tax |

Revision order u/s 263 rightly passed as AO failed to examine cash deposited during demonetization

K. Rajeswari Vs ACIT (ITAT Chennai)

ITAT Chennai held that as cash deposited by assessee received from petty shop owners on account of sale of its product during demonetization period was not examined by AO during assessment. Accordingly, PCIT rightly passed revision order u/s 263 directing AO to carry out necessary verification....

Read More

Cash Deposits during Demonetization – ITAT upheld PCIT instruction to follow CBDT SOP

Chandrakant Tatoba Patil Vs PCIT (ITAT Pune)

Chandrakant Tatoba Patil Vs PCIT (ITAT Pune) ITAT noted that on an examination of the assessment record, the PCIT found abnormal increase in cash deposits during demonetization period as compared to pre-demonetization period. According to the PCIT, during the period from 09-11-2016 to 31-12-2016, the assessee deposited cash amounting to R...

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Cash Deposit during Demonetization: ITAT confirm Addition partially in Absence of Statement of Affairs

A. Manoharan Vs ITO (ITAT Bangalore)

A. Manoharan Vs ITO (ITAT Bangalore) ITAT observe that the AO has made the addition under Section 69 of the Act of Rs.12,75,802/- for want of proper explanation of cash deposited during demonetisation period. The assessee tried to justify the same by submitted that the assessee had withdrawn cash from his Corporation Bank and Indian [&hel...

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Mere wrong mention of section not fatal to addition

Shri Arif Vs ACIT (ITAT Bangalore)

Unexplained bank deposits cannot be considered under Section 68 and it falls under Section 69A. However, mentioning a wrong section by AO is not fatal....

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No addition for duly explained Cash Deposits during Demonetization

R. Raju Vs ITO (ITAT Chennai)

R. Raju Vs ITO (ITAT Chennai) The assessee has explained cash deposits made during the demonetization period out of amount received from maturity of fixed deposits in SBI and Canara Bank. The assessee had also furnished necessary evidence before the AO and argued that, he had received a sum of Rs. 10,29,337/-towards maturity of insurance ...

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ITAT deletes Addition for cash kept for Medical Emergency deposited during Demonetization

Krishna Goyal Vs ACIT (ITAT Delhi)

Krishna Goyal Vs ACIT (ITAT Delhi) In course of assessment proceedings, the assessee has explained the source of deposits in the bank account to be out of the withdrawals made from the very same bank account. However, the Assessing Officer as well as learned Commissioner (Appeals) have partly accepted the explanation of the assessee only ...

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Every deposit during demonetization cannot be categorized as unaccounted cash

Yagnavalkya Souhardha Credit Co. Ltd. Vs ITO (ITAT Bangalore)

ITAT Bangalore held that addition under section 68 with regard to deposit of Specified Bank Notes [SBN's] it was clarified that every deposit during demonetization doesn’t fall under category of unaccounted cash. However, burden is on the assessee to establish the genuineness of the deposit....

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

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 [...

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Posted Under: Income Tax |

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