Income Tax : Discover the implications of a significant Delhi ITAT ruling on cash sales pre-demonetization. Learn how it affects taxation and f...
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...
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...
Income Tax : ITAT Chennai deletes additions under Section 69A for cash deposits made during demonetization by P. Tamilmani. Case highlights pro...
Income Tax : ITAT Chennai remands case for fresh assessment, allowing Ramesh Sreenivasalu to submit documents on demonetization cash deposits. ...
Income Tax : ITAT Ahmedabad sets aside assessment order on demonetization cash deposits, citing natural justice violations. Case remanded for f...
Income Tax : ITAT Chennai allows reassessment of ₹54.70 lakh cash deposits during demonetization, granting the assessee another opportunity s...
Income Tax : Delhi HC dismisses revenue's appeal, affirming that cash sales during demonetization, accounted for and taxed, cannot be treated a...
Fema / RBI : RBI provides an update on the withdrawal status of ₹2000 banknotes, with 98% of notes returned by October 31, 2024....
Fema / RBI : RBI has extended deadline for withdrawal of ₹2000 banknotes to October 7, 2023. Learn about new guidelines and arrangements....
Fema / RBI : Reserve Bank of India's decision to withdraw ₹2000 banknotes has been highly effective, with 93% of these notes already returned...
Company Law : Introduction: In a significant move towards ensuring financial transparency and accountability, the Ministry of Corporate Affairs ...
Fema / RBI : Addressing circulating media reports, the Reserve Bank of India emphatically denies allegations of missing banknotes. The RBI stre...
SC upholds Central Government decision on demonetisation of 500 & 1000 rupee notes by a Majority of 4:1 in the case of Vivek Narayan Sharma Vs. Union Of India.
M. Vijayakumar Vs ITO (ITAT Chennai) We noted that the CIT(A) has not doubted the source of maturity of assessee’s father FDs of Rs.8 lakhs which was withdrawn on 01.11.2016. Admittedly, the assessee made deposit on 10.11.2016 in cash, this amount of Rs.8 lakhs. The only dispute is confirmation, which now the assessee confirmed by […]
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 इसमें आने वाली दिक्कतों को दूर कर इसके प्रयोग का दायरा बढ़ाया जाएगा. १. डिजिटल रुपया बढ़ती तकनीक के साथ देश और विदेश में भी लेन-देन का […]
Umamaheswari Vs ITO (ITAT Chennai) As regards, the first objection of the AO on legal tender of Specified Bank Notes on or after 08.11.2016, I find that as per the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016, which came into effect from 31.12.2016 appointed date for this purpose means 31.12.2016. Further, as per Sec.5 […]
Sh. Jagjit Singh S/o Inder Singh Vs ITO (ITAT Amritsar) Considering the order of the revenue authorities the assessee was not able to submit the confirmation from the sundry debtor, M/s AD Traders. The confirmation is annexed with the paper book of the assessee APB page no. 3. The assessee received SBN during demonetization period […]
Asokan Meena Vs ITO (ITAT Chennai) It is an admitted fact that the assessee has filed her return of income for the AY 2016-17 in ITR-4 and has maintained books of accounts, but for the AY 2017-18, she had filed return of income u/s.44AD of the Act, and estimated net profit without any books of […]
Kaliannan Ganesan Vs ITO (ITAT Chennai) It transpired that the assessee made cash deposits of Rs.13.30 Lacs post demonetization as tabulated assessment order. Accordingly, the assessee was directed to substantiate the source of the same. The assessee is stated to be engaged in poultry farm business and trading of eggs. AO held that there was […]
Harjeet Kaur Vs ITO (ITAT Delhi) Admittedly, the assessee had deposited cash in her bank accounts during the demonetization period. However, before the Assessing Officer, the assessee had explained that such deposits were out of cash withdrawals made earlier by her for the purpose of her daughter’s marriage. The Assessing Officer has partly accepted assessee’s […]
CBDT instructions dated 09/08/2019 speaks about the comparative analysis of cash deposits, cash sales, month wise cash sales and cash deposits. It also provides that whether in such cases the books of accounts have been rejected or not where substantial evidences of vide variation be found between these statistical analyses.
ITAT Delhi rules in favor of Amar Singh. Deletion of Rs. 2,23,000 addition under Section 69A. CBDT Instruction applied for demonetization period cash deposits.
