https://www.taxtmi.com/caselaws?id=456816 Cash deposits in specified bank notes received before the appointed day cannot be treated as unexplained income under section 69A solely because the notes later ceased to be legal tender. The cessation of liabilities took effect from 31 December 2016, while the deposits were explained as sale realisations and debtor recoveries. However, the actual source of those receipts requires independent verification. The Assessing Officer must examine the factual explanation for the deposits; the demonetised nature of the currency alone does not justify an addition. en-us Mon, 30 Oct 2023 00:00:00 +0530 Fri, 16 Aug 2024 20:13:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456816 Cash deposits in specified bank notes received before the appointed day cannot be treated as unexplained income under section 69A solely because the notes later ceased to be legal tender. The cessation of liabilities took effect from 31 December 2016, while the deposits were explained as sale realisations and debtor recoveries. However, the actual source of those receipts requires independent verification. The Assessing Officer must examine the factual explanation for the deposits; the demonetised nature of the currency alone does not justify an addition. Case-Laws Income Tax Mon, 30 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456816