https://www.taxtmi.com/caselaws?id=459300 Cash deposits made during the demonetisation period may be assessed as unexplained money only if the assessee fails to explain the source satisfactorily under section 69A. Where the deposits are supported by a plausible business explanation, such as cash receipts from a predominantly cash-based wholesale trade with a consistent deposit pattern in earlier years, the addition should not be made merely because the cash consisted of demonetised notes. The cessation law is relevant because the prohibition on holding or receiving specified bank notes operated from the appointed date under the statute, so the mere receipt of such notes before that date does not by itself invalidate the source explanation. Consequential taxation under section 115BBE follows only if the primary addition is sustainable. en-us Wed, 04 Jan 2023 00:00:00 +0530 Sat, 07 Dec 2024 19:39:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459300 Cash deposits made during the demonetisation period may be assessed as unexplained money only if the assessee fails to explain the source satisfactorily under section 69A. Where the deposits are supported by a plausible business explanation, such as cash receipts from a predominantly cash-based wholesale trade with a consistent deposit pattern in earlier years, the addition should not be made merely because the cash consisted of demonetised notes. The cessation law is relevant because the prohibition on holding or receiving specified bank notes operated from the appointed date under the statute, so the mere receipt of such notes before that date does not by itself invalidate the source explanation. Consequential taxation under section 115BBE follows only if the primary addition is sustainable. Case-Laws Income Tax Wed, 04 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459300