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...
The tax addition on ₹17.63 lakh demonetization cash deposits was challenged as being sourced from earlier withdrawals and savings. The ITAT deleted the addition, emphasizing that prior, undisputed withdrawals cannot be taxed as unexplained money unless the tax authority proves alternate use. The key takeaway upholds the principle that redeposit of existing capital is not income under Section 69A.
The ITAT deleted the entire addition made under Section 69A concerning demonetisation cash deposits, ruling in favor of a retired government employee. The Tribunal held that deposits from verifiable sources like gratuity, leave encashment, salary arrears, and loan repayment were genuinely explained and not unexplained income.
ITAT Deletes ₹19.04 Lakh Addition: Agent’s Cash Deposits Were Company Collections The ITAT ruled that cash deposits of ₹19.04 lakh made by commission agent Shyam Singh Hetta were reconciled collections for his principal, DTM Pvt. Ltd., and deleted the unexplained money addition under Section 69A.
The Appellate Tribunal set aside the Adjudicating Authority’s revocation and confirmed the benami attachment on a ₹9.5 lakh transaction that occurred during demonetisation. The transaction was found to be an accommodation entry where cash was deposited into an account and immediately transferred to a firm against commission.
Hyderabad ITAT set aside a CIT(A) order, deleting an addition for cash deposits during the demonetisation period because the Assessing Officer (AO) ignored 28 debtor confirmations and audited accounts. The Tribunal held that an addition under Section 68 is invalid without rejecting the genuine books of account or verifying the provided evidence of business receipts.
The ITAT deleted the addition for cash deposits made during demonetization, concluding that taxing the same business receipts twice by first accepting sales and then applying Section 69A was unsustainable under the law.
ITAT Dehradun accepted ₹15 lakh from poplar tree sales as explained income and ruled that Section 115BBE applies prospectively from 1 April 2017. Tribunal granted partial relief, deleting major additions made on demonetisation cash deposits.
ITAT Cuttack remanded a demonetization case back to CIT(A), granting legal heir of deceased assessee a fresh opportunity. Tribunal ruled that appeal, which involved factual verification of large cash deposits, should be adjudicated on merits after allowing heir to furnish supporting documents.
ITAT Jaipur quashed an addition of Rs.14.47 lakh made under Section 69A because the assessment was framed by a Jaipur-based AO who lacked territorial jurisdiction over the assessee residing in Sri Ganganagar. The Tribunal ruled that the objection to jurisdiction, raised by the assessee and unrebutted by the Revenue, renders the entire assessment order void ab initio.
The ITAT Delhi affirmed that a substantial increase in cash sales during demonetisation is insufficient grounds for a Section 68 addition when books of accounts are not found defective. The ruling confirms that genuine cash sales, properly recorded and matching stock/VAT records, cannot be treated as unexplained cash credits.
