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 : Bangalore ITAT held that cash redeposited during demonetisation could not be treated as unexplained under Section 69A when the ass...
Income Tax : The ITAT ruled that failure to produce confirmations from debtors did not justify additions where sales, ledger accounts, and samp...
Income Tax : The ITAT Delhi held that cash deposits representing recorded business sales could not be treated as unexplained under Section 68 w...
Income Tax : The ITAT Mumbai held that cash deposits during the demonetization period could not be treated as unexplained where the assessee's ...
Income Tax : ITAT Ahmedabad held that cash deposits cannot be treated as unexplained merely because they were made in old denomination notes du...
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 Tribunal held that once transactions are treated as bogus, there is no basis for separately allowing expenses reflected in gross profit. Telescoping was therefore restricted to net income disclosed in the return.
The Appellate Tribunal under SAFEMA held that routing demonetized cash through another person’s bank account constituted a benami transaction under the PBPT Act. The Tribunal ruled that cash qualifies as “property” and attachment could continue to the extent of the remaining benefit retained.
ITAT Chandigarh held that cash deposits during demonetization could not be treated as unexplained income since the amounts were recorded as sales turnover in the books and supported by VAT returns.
The Tribunal held that cash deposits during demonetisation cannot be treated as unexplained when backed by audited books, invoices, stock records, and VAT returns. The ruling clarifies that genuine business sales cannot trigger Section 68 merely due to acceptance of old currency notes.
The ITAT Amritsar reduced additions on unexplained cash deposits after considering that the assessee and his wife were senior citizens with no regular income source. The Tribunal allowed part of the deposits as past savings and household cash availability.
The ITAT Bangalore condoned a 28-day delay in filing appeal after accepting the assessee’s explanation regarding non-noticing of electronically communicated appellate order. The Tribunal adopted a justice-oriented approach.
The ITAT Rajkot reduced the addition on demonetization cash deposits after finding that the assessee had produced land records, cash flow statements, and other supporting evidence. The Tribunal restricted the addition to 10% of the disputed amount.
ITAT Delhi held that effective opportunity of hearing was not provided before passing ex parte assessment and appellate orders. The matter relating to sustained addition was remanded back to the Assessing Officer for fresh adjudication.
Delhi ITAT held that cash deposits during demonetisation cannot be treated as unexplained when supported by prior bank withdrawals. The Tribunal ruled that the Revenue must prove cash was spent elsewhere before invoking Section 69A.
The case involved cash deposits during demonetization treated as unexplained income. The tribunal accepted the explanation of foreign remittances and deleted the addition, emphasizing lack of contrary evidence.
