https://www.taxtmi.com/caselaws?id=432192 Cash deposits recorded during the demonetization period were treated as unexplained credits where the assessee failed to substantiate the source with credible evidence. The books, seized invoices, KYC material and forensic findings did not support the claimed generation of receipts on 08.11.2016, and the assessee's shifting explanations, including later retractions and unsupported third-party statements, did not discharge the burden under section 68 to prove identity, genuineness and creditworthiness. The attempt to treat the entries as valid sales in demonetization currency was also rejected because the alleged sale arrangement was not established and acceptance of specified bank notes in the manner claimed was contrary to the governing notification. en-us Mon, 28 Nov 2022 00:00:00 +0530 Wed, 18 Mar 2026 14:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432192 Cash deposits recorded during the demonetization period were treated as unexplained credits where the assessee failed to substantiate the source with credible evidence. The books, seized invoices, KYC material and forensic findings did not support the claimed generation of receipts on 08.11.2016, and the assessee's shifting explanations, including later retractions and unsupported third-party statements, did not discharge the burden under section 68 to prove identity, genuineness and creditworthiness. The attempt to treat the entries as valid sales in demonetization currency was also rejected because the alleged sale arrangement was not established and acceptance of specified bank notes in the manner claimed was contrary to the governing notification. Case-Laws Income Tax Mon, 28 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432192