https://www.taxtmi.com/caselaws?id=431464 Cash deposits in specified bank notes during the demonetisation period were treated as unexplained income because the assessee had not established the source before the lower authorities. Although the assessee produced a creditor confirmation and bank statement, the Tribunal noted that the amount was claimed to have been received before the appointed day under the Specified Bank Notes (Cessation of Liability) Act, 2017. As neither side opposed fresh scrutiny, the Tribunal restored the matter to the Assessing Officer for de novo verification, with adequate opportunity to the assessee and consideration of the evidence on merits. The addition was therefore not finally sustained and was remanded for fresh adjudication in accordance with law. en-us Thu, 08 Dec 2022 00:00:00 +0530 Mon, 23 Jan 2023 11:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431464 Cash deposits in specified bank notes during the demonetisation period were treated as unexplained income because the assessee had not established the source before the lower authorities. Although the assessee produced a creditor confirmation and bank statement, the Tribunal noted that the amount was claimed to have been received before the appointed day under the Specified Bank Notes (Cessation of Liability) Act, 2017. As neither side opposed fresh scrutiny, the Tribunal restored the matter to the Assessing Officer for de novo verification, with adequate opportunity to the assessee and consideration of the evidence on merits. The addition was therefore not finally sustained and was remanded for fresh adjudication in accordance with law. Case-Laws Income Tax Thu, 08 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431464