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...
Finance : Understand the implications of depositing the Rs. 2000 note in banks amid its withdrawal from circulation. Explore challenges, inc...
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 case involved cash deposits during demonetization treated as unexplained income. The tribunal accepted the explanation of fore...
Income Tax : The Tribunal deleted the addition after finding that cash deposits were supported by disclosed sale consideration and documentary ...
Income Tax : The issue was whether demonetization cash deposits were unexplained. The Tribunal held that deposits from recorded business sales ...
Income Tax : The judgment reiterates that additions under Section 68 cannot be based on presumptions or suspicion without supporting evidence. ...
Income Tax : The issue involved SBN deposits treated as unexplained despite being part of recorded sales. The Tribunal held that taxing the sam...
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...
Sudhir Kumar Tiwari Vs ITO (ITAT Allahabad) It is apparent that the Assessing Officer initially initiated the scrutiny proceedings to examine the cash deposit of Rs. 18,00,000/- during the demonetization period. However, on verification of the bank account as well as the reply of the assessee as well as bank, the Assessing Officer found that […]
Shri Palanisamy Chinnasamy Vs ITO (ITAT Chennai) In this case, The assessment was completed under section 144 r.w.s. 144(1)(b) of the Act by making addition of ₹.5,34,000/- under section 69A of the Act on the ground that the money received from the customers on various dates in old notes cannot be accepted a genuine as […]
Charu Aggarwal Vs DCIT (ITAT Chandigarh) Held that cash sales made by the assessee which was deposited in the bank post demonetization is sufficient source of cash deposited. Addition of the same unsustainable. Facts- A notice u/s 153A was issued to the assessee post search operation. Thereafter, the assessee filed its ROI declaring an income […]
If an assessee has cash available prior to demonetization and if he opted to deposit the same multiple times, there is no prohibition in law for such deposits.
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
R.S. Diamonds India Private Limited Vs ACIT (ITAT Mumbai) The Assessing Officer noticed that the assessee has deposited a sum of Rs. 45 lakhs into its bank account during demonetization period. It was explained that the above said amount represented cash balance available in its books of account, which included advance received from the customers […]
Held that the source of withdrawal of the money is being clearly demonstrated and their deposit of money on various occasions is also established by the assessee through her bank account. Accordingly, addition u/s. 69A towards deposit of demonetized currency notes unsustainable.
No Addition of Cash Deposit During Demonetisation Period under section 69A If Cash Deposit Is Part of Receipts Shown on Presumptive Basis and When the Part of Cash Deposit in Pre Demonetisation-Period Was Accepted.
Coastal Fertilisers Ltd Vs ITO (ITAT Kolkata) We note that the cash sum of Rs. 94,50,000/- was deposited in the bank account held with Union Bank of India, account no. 495601010033544 on 16.11.2016. This date of deposit falls in post-demonetization period. On 08.11.2016 demonetization scheme was announced scrapping of currencies in the Rs. 1,000/& Rs. […]
Swami Shibrupananda Jayrambati Ramkrishna Saradamath & Mission Vs ITO (ITAT Kolkata) Ld. AO had taken two views in respect of same transaction/bank deposits made by the assessee, one pre-demonetization period deposits, which he treated as income from profession of the assessee and 50% of such deposits treated as income from profession. On the other hand, […]
