https://www.taxtmi.com/caselaws?id=467807 Cash deposits made during the demonetisation period were traced to recorded business receipts supported by cash sales bills, cash book balances, stock registers, customer confirmations and VAT records, so they were not treated as unexplained income and the sales were not regarded as bogus. The rejection of books of account was also unsupported because no specific defect in the maintained, audited records was established; accordingly, the consequential addition could not survive. The note states that where deposits are fully linked to recorded sales and consistent books and stock records, they cannot be characterised as unexplained merely because they were deposited during demonetisation. en-us Thu, 29 Aug 2024 00:00:00 +0530 Sat, 04 Apr 2026 08:51:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467807 Cash deposits made during the demonetisation period were traced to recorded business receipts supported by cash sales bills, cash book balances, stock registers, customer confirmations and VAT records, so they were not treated as unexplained income and the sales were not regarded as bogus. The rejection of books of account was also unsupported because no specific defect in the maintained, audited records was established; accordingly, the consequential addition could not survive. The note states that where deposits are fully linked to recorded sales and consistent books and stock records, they cannot be characterised as unexplained merely because they were deposited during demonetisation. Case-Laws Income Tax Thu, 29 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467807