https://www.taxtmi.com/caselaws?id=768182 Cash deposits made during the demonetisation period in specified bank notes were not liable to be treated as unexplained money where the assessee supported them with books of account, audit report, financial statements, bank statements and turnover details showing business receipts and sale proceeds. The Tribunal accepted that a cash-intensive trading business in vegetables and fruits, together with the recorded cash flow, made the explanation plausible. It held that once the source of cash deposits is satisfactorily explained as business receipts, section 69A cannot be invoked merely because the cash was received in specified bank notes during demonetisation, and the consequential section 115BBE tax also fell away. en-us Fri, 30 Aug 2024 00:00:00 +0530 Wed, 02 Apr 2025 08:35:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768182 Cash deposits made during the demonetisation period in specified bank notes were not liable to be treated as unexplained money where the assessee supported them with books of account, audit report, financial statements, bank statements and turnover details showing business receipts and sale proceeds. The Tribunal accepted that a cash-intensive trading business in vegetables and fruits, together with the recorded cash flow, made the explanation plausible. It held that once the source of cash deposits is satisfactorily explained as business receipts, section 69A cannot be invoked merely because the cash was received in specified bank notes during demonetisation, and the consequential section 115BBE tax also fell away. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768182