https://www.taxtmi.com/caselaws?id=462303 Cash deposits received from members during the demonetisation period were not treated as unexplained income where the assessee produced books of account, member-wise details, PAN particulars and audited records. The Tribunal held that the revenue failed to disprove the identity, genuineness or creditworthiness of the depositors and made no effective enquiry to rebut the evidence. It further held that receipt of specified bank notes before the appointed date did not, by itself, convert the transactions into taxable income, since those notes did not lose all monetary significance on 9 November 2016 under the Specified Bank Notes (Cessation of Liabilities) Act, 2017. en-us Tue, 04 Jun 2024 00:00:00 +0530 Mon, 09 Jun 2025 18:56:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462303 Cash deposits received from members during the demonetisation period were not treated as unexplained income where the assessee produced books of account, member-wise details, PAN particulars and audited records. The Tribunal held that the revenue failed to disprove the identity, genuineness or creditworthiness of the depositors and made no effective enquiry to rebut the evidence. It further held that receipt of specified bank notes before the appointed date did not, by itself, convert the transactions into taxable income, since those notes did not lose all monetary significance on 9 November 2016 under the Specified Bank Notes (Cessation of Liabilities) Act, 2017. Case-Laws Income Tax Tue, 04 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462303