https://www.taxtmi.com/caselaws?id=769821 The ITAT PUNE ruled in favor of the assessee regarding unexplained money additions under Section 69A read with Section 115BBE. The Revenue argued that accepting Specified Bank Notes (SBNs) of Rs. 500 and Rs. 1000 denominations from November 9, 2016 onwards was illegal as they ceased to be legal tender. However, the Tribunal held that SBNs retained monetary value until December 31, 2016 (the appointed day under the Specified Bank Notes Act, 2017), as the Central Government's guarantee and RBI's liability continued until that date. The addition was deleted, following precedents from ITAT Visakhapatnam and ITAT Pune. en-us Thu, 12 Dec 2024 00:00:00 +0530 Fri, 02 May 2025 08:54:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769821 The ITAT PUNE ruled in favor of the assessee regarding unexplained money additions under Section 69A read with Section 115BBE. The Revenue argued that accepting Specified Bank Notes (SBNs) of Rs. 500 and Rs. 1000 denominations from November 9, 2016 onwards was illegal as they ceased to be legal tender. However, the Tribunal held that SBNs retained monetary value until December 31, 2016 (the appointed day under the Specified Bank Notes Act, 2017), as the Central Government's guarantee and RBI's liability continued until that date. The addition was deleted, following precedents from ITAT Visakhapatnam and ITAT Pune. Case-Laws Income Tax Thu, 12 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769821