https://www.taxtmi.com/caselaws?id=773190 ITAT Chennai held that cash deposits in Specified Bank Notes during demonetization period (24.11.2016 to 30.12.2016) cannot be taxed under Section 69A merely for accepting SBNs in violation of government notifications. The tribunal noted lack of clarity regarding dealing with demonetized currency during the transition period until 31.12.2016. Following precedent in Tamil Nadu State Marketing Corporation Ltd., the tribunal ruled that source explanation for cash deposits cannot be rejected when AO has not disputed any unaccounted cash deposits. Addition under Section 69A was deleted and assessee's appeal was allowed. en-us Wed, 30 Apr 2025 00:00:00 +0530 Thu, 19 Jun 2025 08:29:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773190 ITAT Chennai held that cash deposits in Specified Bank Notes during demonetization period (24.11.2016 to 30.12.2016) cannot be taxed under Section 69A merely for accepting SBNs in violation of government notifications. The tribunal noted lack of clarity regarding dealing with demonetized currency during the transition period until 31.12.2016. Following precedent in Tamil Nadu State Marketing Corporation Ltd., the tribunal ruled that source explanation for cash deposits cannot be rejected when AO has not disputed any unaccounted cash deposits. Addition under Section 69A was deleted and assessee's appeal was allowed. Case-Laws Income Tax Wed, 30 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773190