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...
ITAT Rajkot partly allowed appeal, directing that 90% of cash deposited during demonetisation be accepted as explained, with only 10% taxable under normal income tax.
ITAT Jaipur ruled that ₹52.78 lakh added under Section 68 for demonetization-period cash deposits was unsustainable, citing reliable books of accounts and factual verification.
ITAT Delhi deletes ₹38 lakh additions under Sections 68 and 69A, accepting that agricultural income was misreported due to a clerical error and demonetization cash was properly explained.
The Tribunal held that the timing of loan disbursals and demonetization supported the assessee’s explanation. Key takeaway: partial relief granted by accepting most of the deposit as explained.
The Tribunal held that cash deposits could not be treated as unexplained when the AO had already accepted the related cash sales as part of audited turnover. Since stocks, sales, VAT records, and cash books were undisputed, the addition amounted to double taxation. The entire addition was deleted.
ITAT Delhi ruled that cash deposits recorded in audited books cannot be treated as unexplained income under Section 68. Additions made by the AO and CIT(A) during demonetization were deleted, preventing double taxation.
The ITAT remitted the case for fresh assessment after the assessee challenged unexplained cash additions, highlighting the need for proper documentation and adherence to natural justice in tax proceedings.
ITAT ruled that ₹10 lakh deposit in demonetisation period, backed by gifts, savings, and sale of gold, cannot be treated as unexplained under section 69A.
The Tribunal reduced unexplained cash deposit addition from Rs.11.59 lakh to Rs.2.59 lakh, noting both the taxpayer and the department failed to fully substantiate their claims during the demonetization scrutiny.
ITAT Amritsar partly allows an appeal, reducing income addition from Rs. 3.88 lakhs to Rs. 6,000 for specified bank note deposits after SEO demonetization.
