https://www.taxtmi.com/caselaws?id=468298 Cash deposits in specified bank notes collected from members during demonetisation were not, on these facts, unexplained income under section 68 of the Income-tax Act, 1961 because the assessee furnished a satisfactory source explanation and the Revenue did not show it to be unsubstantiated. Any alleged breach of the RBI notification on acceptance of specified bank notes after they ceased to be legal tender was treated as a separate regulatory issue for the competent authority and did not, by itself, convert the deposits into taxable unexplained income under sections 68 or 69. The addition was therefore deleted. en-us Fri, 23 Aug 2024 00:00:00 +0530 Mon, 27 Apr 2026 20:38:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468298 Cash deposits in specified bank notes collected from members during demonetisation were not, on these facts, unexplained income under section 68 of the Income-tax Act, 1961 because the assessee furnished a satisfactory source explanation and the Revenue did not show it to be unsubstantiated. Any alleged breach of the RBI notification on acceptance of specified bank notes after they ceased to be legal tender was treated as a separate regulatory issue for the competent authority and did not, by itself, convert the deposits into taxable unexplained income under sections 68 or 69. The addition was therefore deleted. Case-Laws Income Tax Fri, 23 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468298