https://www.taxtmi.com/caselaws?id=757034 The ITAT Bangalore ruled on additions under Section 69A regarding post-demonetization cash deposits. The tribunal held that assessees should not have accepted specified bank notes (SBNs) after demonetization as they were no longer legal tender. Following CBDT Instruction 21/02/2017, the tribunal emphasized examining whether deposits align with historical transaction patterns. The assessee must establish genuineness of deposits and provide PAN/address details of depositors for loan repayments. The AO was directed to verify all evidence and consider claims per law. The appeal was partly allowed for statistical purposes. en-us Wed, 31 Jan 2024 00:00:00 +0530 Wed, 14 Aug 2024 08:32:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757034 The ITAT Bangalore ruled on additions under Section 69A regarding post-demonetization cash deposits. The tribunal held that assessees should not have accepted specified bank notes (SBNs) after demonetization as they were no longer legal tender. Following CBDT Instruction 21/02/2017, the tribunal emphasized examining whether deposits align with historical transaction patterns. The assessee must establish genuineness of deposits and provide PAN/address details of depositors for loan repayments. The AO was directed to verify all evidence and consider claims per law. The appeal was partly allowed for statistical purposes. Case-Laws Income Tax Wed, 31 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757034