https://www.taxtmi.com/caselaws?id=755120 ITAT Kolkata held that cash deposits made in Specified Bank Notes during demonetization period cannot be treated as unexplained income under sections 68 or 69 of Income Tax Act when source is duly explained and accepted by AO. The cooperative credit society had adequately explained deposit sources. While AO contended violation of Central Government notification dated 08.11.2016 regarding acceptance of Specified Bank Notes, such violation falls under competent authority's jurisdiction, not income tax assessment. Addition confirmed by lower authorities was deleted and assessee's appeal was allowed. en-us Wed, 03 Jul 2024 00:00:00 +0530 Fri, 05 Jul 2024 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755120 ITAT Kolkata held that cash deposits made in Specified Bank Notes during demonetization period cannot be treated as unexplained income under sections 68 or 69 of Income Tax Act when source is duly explained and accepted by AO. The cooperative credit society had adequately explained deposit sources. While AO contended violation of Central Government notification dated 08.11.2016 regarding acceptance of Specified Bank Notes, such violation falls under competent authority's jurisdiction, not income tax assessment. Addition confirmed by lower authorities was deleted and assessee's appeal was allowed. Case-Laws Income Tax Wed, 03 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755120