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 Income Tax Appellate Tribunal (ITAT) Lucknow has quashed an income tax assessment against Suraiya Begum, who had deposited Rs.13.08 lakh in her bank account during demonetization.
The ITAT Visakhapatnam has partly allowed the appeal of Vallabhai Patel Kottapalli, an agriculturist, by restricting the tax rate on an unexplained cash deposit to 30% in-stead of 60%.
ITAT reverses a tax addition on cash withdrawals, ruling that they were genuine business turnover and not unexplained income.
The Income Tax Appellate Tribunal (ITAT) in Pune has condoned a 76-day delay in an appeal filed by Avinash Haribhau Shinde. Citing “reasonable cause” and the impact of the COVID-19 pandemic, the tribunal set aside the case to the CIT(A) for a fresh hearing,
ITAT Pune condones a 242-day delay and sets aside a tax addition on demonetisation cash deposits for a co-operative society, remitting the case for re-examination.
The ITAT Jaipur ruled that cash deposits explained by recorded sales cannot be added solely on an uncorroborated survey statement, upholding assessee’s appeal.
ITAT Bangalore rules against taxing SBNs as unexplained cash when deposits are linked to legitimate business sales, preventing double taxation.
The Mumbai Income Tax Appellate Tribunal (ITAT) ruled in favor of Suraj Somaru Varma, a Business Correspondent agent, deleting an addition of ₹9.16 lakh made under Section 69A. The Tribunal held that the demonetized currency deposits were not unexplained income but part of normal business operations, as Varma was authorized by RBI and maintained proper records.
Summary of Deepika Garg vs. ITO (ITAT Chandigarh) for AY 2017-18. The ruling deletes a Rs. 24 lakh addition for alleged bogus cash sales, upholding the assessee’s audited books and documented transactions.
ITAT Delhi rules against double taxation, deleting a Rs.50.18 lakh addition after finding that cash deposits were sourced from sales already accepted and taxed.
