https://www.taxtmi.com/caselaws?id=791645 Cash deposits made during demonetisation were treated as explained where they were traced to recorded business sales supported by regular books, cash book, VAT returns, stock registers, invoices, bank deposit slips and audited financial statements. Section 68 was held inapplicable on these facts because the nature and source of the credits stood satisfactorily explained, and the books were not rejected. The mere fact that specified bank notes were accepted after 08.11.2016, even if said to be contrary to RBI guidelines, did not by itself justify an addition. The same sale proceeds, already disclosed as turnover, could not be brought to tax again as unexplained income. en-us Tue, 12 May 2026 00:00:00 +0530 Wed, 13 May 2026 12:01:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791645 Cash deposits made during demonetisation were treated as explained where they were traced to recorded business sales supported by regular books, cash book, VAT returns, stock registers, invoices, bank deposit slips and audited financial statements. Section 68 was held inapplicable on these facts because the nature and source of the credits stood satisfactorily explained, and the books were not rejected. The mere fact that specified bank notes were accepted after 08.11.2016, even if said to be contrary to RBI guidelines, did not by itself justify an addition. The same sale proceeds, already disclosed as turnover, could not be brought to tax again as unexplained income. Case-Laws Income Tax Tue, 12 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791645