Income Tax : The Tribunal held that cash deposits during demonetisation cannot be treated as unexplained when backed by audited books, invoices...
Finance : Recent reforms in gold, land, and PAN tracking hint at a structured buildup toward another demonetisation. The key takeaway is a t...
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...
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 : The Tribunal emphasized that once sales are entered in regular books and supported by stock records, the burden shifts to the Reve...
Income Tax : ITAT Delhi held that cash deposits made during the demonetization period could not be fully treated as unexplained money when supp...
Income Tax : The ITAT held that cash deposited by a money transfer agent during demonetisation could not be treated as unexplained income when ...
Income Tax : The ITAT Agra held that the tax authorities failed to consider earlier cash withdrawals while treating demonetization deposits as ...
Income Tax : The ITAT held that cash deposits during demonetisation could not be treated as unexplained when the assessee had disclosed sales a...
Fema / RBI : RBI reported that 98.44% of ₹2000 banknotes in circulation have been returned since the withdrawal announcement in May 2023. How...
Fema / RBI : The RBI announced the withdrawal of ₹2000 notes in May 2023. As of Sept 30, 2025, 98.35% of notes are returned. Notes remain leg...
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...
Madhya Pradesh High Court dismisses R.K. Bullion’s writ petition challenging the reassessment notice under Section 148A of the Income Tax Act.
ITAT Delhi limits addition of unexplained cash deposits to ₹10 lakhs in Gaurangi Merchandise Pvt. Ltd. Vs ITO case, providing relief of ₹20.18 lakhs.
ITAT Surat held that addition towards cash deposited during demonetization restricted to 10% of total deposit since assessee fully substantiated the cash deposit showing sufficient withdrawal. Accordingly, appeal partly allowed.
Entire cash deposits made during demonetization could not be treated as unexplained credit and a reasonable addition of 20% of total cash deposit would be sufficient to avoid the possibility of revenue leakage.
ITAT Chennai directs entire bank credits to be treated as business receipts under Section 44AD for income estimation. Cash deposit addition adjusted.
RBI provides an update on the withdrawal status of ₹2000 banknotes, with 98% of notes returned by October 31, 2024.
Bibekananda Pradhan appeals against CIT(A)’s order; ITAT finds cash deposits during demonetization reasonable, deletes ₹16,80,000 addition.
Arbuda Builders challenges addition for cash deposits during demonetization, arguing against assumptions of unexplained income. Details on the ITAT Ahmedabad ruling.
ITAT Bangalore allows Vikas Co-operative’s appeal, stating addition under Section 69A cannot be made solely on the basis of not accepting demonetized currency.
ITAT Delhi directs the Assessing Officer to delete the addition made in the case of Puneet Utreja. The Tribunal ruled that the explanation on Term Deposit maturity and redemption was adequate.
