https://www.taxtmi.com/caselaws?id=754049 The ITAT Visakhapatnam allowed the assessee's appeal against addition under Section 68 read with Section 115BBE for accepting cash in the form of Specified Bank Notes (SBNs). The tribunal held that since the assessee was an Urban Cooperative Bank, it was not covered by RBI Circular dated 14th November 2016, which restricted SBN exchange facility only to District Cooperative Central Banks, not Urban Cooperative Banks. Therefore, acceptance of SBNs could not be treated as unexplained cash deposits warranting addition under Section 68. en-us Thu, 13 Jun 2024 00:00:00 +0530 Sat, 15 Jun 2024 19:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754049 The ITAT Visakhapatnam allowed the assessee's appeal against addition under Section 68 read with Section 115BBE for accepting cash in the form of Specified Bank Notes (SBNs). The tribunal held that since the assessee was an Urban Cooperative Bank, it was not covered by RBI Circular dated 14th November 2016, which restricted SBN exchange facility only to District Cooperative Central Banks, not Urban Cooperative Banks. Therefore, acceptance of SBNs could not be treated as unexplained cash deposits warranting addition under Section 68. Case-Laws Income Tax Thu, 13 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754049