https://www.taxtmi.com/caselaws?id=456816 Cash deposits made in specified bank notes before the appointed day could not be treated as unexplained income under section 69A merely because the notes had lost legal tender character after demonetisation. The operative bar under the Specified Bank Notes (Cessation of Liabilities) Act, 2017 applied from 31.12.2016, so receipt of such notes before that date did not by itself justify the addition. However, the assessee's explanation that the deposits represented sale realisations and debtor recoveries had not been independently verified, so the actual source of the deposits required fresh examination by the Assessing Officer. 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 made in specified bank notes before the appointed day could not be treated as unexplained income under section 69A merely because the notes had lost legal tender character after demonetisation. The operative bar under the Specified Bank Notes (Cessation of Liabilities) Act, 2017 applied from 31.12.2016, so receipt of such notes before that date did not by itself justify the addition. However, the assessee's explanation that the deposits represented sale realisations and debtor recoveries had not been independently verified, so the actual source of the deposits required fresh examination by the Assessing Officer. Case-Laws Income Tax Mon, 30 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456816