https://www.taxtmi.com/caselaws?id=771219 A cash deposit made in specified bank notes before the appointed day under the Specified Bank Notes (Cessation of Liabilities) Act, 2017 could not be treated as unexplained income merely because it was made after demonetisation notifications; the statutory scheme governed the treatment of those notes until 31.12.2016, so the addition under section 68 was deleted. A 10% disallowance of car expenses was sustained where no log book or comparable evidence was produced to show exclusive business use, making the estimate of personal use a reasonable exercise of discretion. en-us Fri, 16 May 2025 00:00:00 +0530 Thu, 22 May 2025 08:21:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771219 A cash deposit made in specified bank notes before the appointed day under the Specified Bank Notes (Cessation of Liabilities) Act, 2017 could not be treated as unexplained income merely because it was made after demonetisation notifications; the statutory scheme governed the treatment of those notes until 31.12.2016, so the addition under section 68 was deleted. A 10% disallowance of car expenses was sustained where no log book or comparable evidence was produced to show exclusive business use, making the estimate of personal use a reasonable exercise of discretion. Case-Laws Income Tax Fri, 16 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771219