https://www.taxtmi.com/caselaws?id=468663 Cash deposits made during the demonetisation period were not assessable as unexplained money where the assessee produced sale and purchase registers, bank statements, stock records, debtor ledgers, VAT returns, audit reports, cash book and month-wise cash sales to show that the deposits arose from regular business activity. Because the books of account were not rejected and no specific defect was found in the maintained records, the deposits were treated as accounted business receipts and debtor realisations. The same amounts could not be taxed again as unexplained income under section 68 or subjected to section 115BBE, as that would amount to double taxation of recorded business receipts; the addition was deleted. en-us Thu, 06 Feb 2025 00:00:00 +0530 Fri, 15 May 2026 20:34:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468663 Cash deposits made during the demonetisation period were not assessable as unexplained money where the assessee produced sale and purchase registers, bank statements, stock records, debtor ledgers, VAT returns, audit reports, cash book and month-wise cash sales to show that the deposits arose from regular business activity. Because the books of account were not rejected and no specific defect was found in the maintained records, the deposits were treated as accounted business receipts and debtor realisations. The same amounts could not be taxed again as unexplained income under section 68 or subjected to section 115BBE, as that would amount to double taxation of recorded business receipts; the addition was deleted. Case-Laws Income Tax Thu, 06 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468663