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 : ITAT Chandigarh held that cash deposits during demonetization could not be treated as unexplained income since the amounts were re...
Income Tax : The ITAT Amritsar reduced additions on unexplained cash deposits after considering that the assessee and his wife were senior citi...
Income Tax : The ITAT Bangalore condoned a 28-day delay in filing appeal after accepting the assessee’s explanation regarding non-noticing of...
Income Tax : The ITAT Rajkot reduced the addition on demonetization cash deposits after finding that the assessee had produced land records, ca...
Income Tax : ITAT Delhi held that effective opportunity of hearing was not provided before passing ex parte assessment and appellate orders. Th...
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...
The judgment reiterates that additions under Section 68 cannot be based on presumptions or suspicion without supporting evidence. It held that the Assessing Officer must bring material on record before rejecting explanations.
The issue involved SBN deposits treated as unexplained despite being part of recorded sales. The Tribunal held that taxing the same amount again results in impermissible double taxation.
The Tribunal held that the Assessing Officer erred in fully rejecting the assessee’s explanation linking cash deposits to business sales. However, due to incomplete substantiation, a limited addition of ₹8 lakh was sustained.
ITAT examined demonetisation cash deposits and accepted sales and withdrawals as valid sources. However, addition was partly sustained due to unsubstantiated claims like cash gifts.
The Tribunal accepted that the deposits represented funds withdrawn earlier for house construction. Since the explanation was supported by loan records and confirmations, the addition was removed.
RBI reported that 98.44% of ₹2000 banknotes in circulation have been returned since the withdrawal announcement in May 2023. However, ₹2000 notes continue to remain legal tender.
The Tribunal held that mere acceptance of demonetized currency during the demonetization period cannot justify addition under Section 68 when identity, genuineness, and source are established. Revenue’s appeal was dismissed.
The issue was whether large cash deposits during demonetisation could be taxed as unexplained under Section 69A. The Tribunal held that when deposits are backed by audited books, sales records, and accepted VAT returns, no addition can survive.
The Tribunal examined demonetisation-period cash deposits and held that prior cash withdrawals supported by bank records could not be disregarded. The ruling clarifies that additions cannot rest on assumptions about personal conduct.
The decision limits tax exposure by holding that unexplained cash deposits during demonetization should be assessed on an estimated profit basis when business records are accepted.
