https://www.taxtmi.com/caselaws?id=462340 Cash collections from business, if duly recorded in audited books and supported by sales, purchase and bank records, cannot be treated as unexplained money merely because they were deposited during demonetisation in specified bank notes. Where the source is explained as ordinary business receipts, addition under sections 69 or 69A and consequential tax under section 115BBE is not warranted, as such treatment would amount to taxing recorded receipts twice. The statutory prohibition on specified bank notes operates only from the appointed day fixed by law, so receipt and deposit before that date cannot by itself justify rejection of the explanation. en-us Mon, 17 Feb 2025 00:00:00 +0530 Wed, 11 Jun 2025 20:03:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462340 Cash collections from business, if duly recorded in audited books and supported by sales, purchase and bank records, cannot be treated as unexplained money merely because they were deposited during demonetisation in specified bank notes. Where the source is explained as ordinary business receipts, addition under sections 69 or 69A and consequential tax under section 115BBE is not warranted, as such treatment would amount to taxing recorded receipts twice. The statutory prohibition on specified bank notes operates only from the appointed day fixed by law, so receipt and deposit before that date cannot by itself justify rejection of the explanation. Case-Laws Income Tax Mon, 17 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462340