https://www.taxtmi.com/caselaws?id=466303 Addition treating bank deposits during demonetization as unexplained cash credits was rejected because sales and purchases were recorded in books of account and accepted in assessment proceedings; therefore the cash receipts from debtors were not treated as sham and the impugned addition could not be sustained. The restriction on holding or receiving specified bank notes applied only after the appointed day, so accepting SBNs against cash sales did not violate law. Consequence: the impugned addition was set aside and directed to be deleted to avoid double taxation. en-us Fri, 29 Nov 2024 00:00:00 +0530 Sun, 01 Feb 2026 19:07:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466303 Addition treating bank deposits during demonetization as unexplained cash credits was rejected because sales and purchases were recorded in books of account and accepted in assessment proceedings; therefore the cash receipts from debtors were not treated as sham and the impugned addition could not be sustained. The restriction on holding or receiving specified bank notes applied only after the appointed day, so accepting SBNs against cash sales did not violate law. Consequence: the impugned addition was set aside and directed to be deleted to avoid double taxation. Case-Laws Income Tax Fri, 29 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466303