https://www.taxtmi.com/caselaws?id=795075 Audited books recording business advances, agent refunds and cash deposits may substantiate specified bank note deposits where the books remain unrejected, the opening cash balance is accepted, and no enquiry or evidence shows the entries to be fictitious. Suspicion alone does not satisfy the conditions for treating deposits as unexplained cash credits. Voluntary lawful commercial receipt of specified bank notes before 31 December 2016 was not prohibited solely because the notes had ceased to be legal tender. On the stated facts, the deposits were explained as genuine refunds, making the proposed unexplained-credit addition and consequential special-rate taxation unsustainable. en-us Mon, 13 Jul 2026 00:00:00 +0530 Thu, 16 Jul 2026 09:07:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795075 Audited books recording business advances, agent refunds and cash deposits may substantiate specified bank note deposits where the books remain unrejected, the opening cash balance is accepted, and no enquiry or evidence shows the entries to be fictitious. Suspicion alone does not satisfy the conditions for treating deposits as unexplained cash credits. Voluntary lawful commercial receipt of specified bank notes before 31 December 2016 was not prohibited solely because the notes had ceased to be legal tender. On the stated facts, the deposits were explained as genuine refunds, making the proposed unexplained-credit addition and consequential special-rate taxation unsustainable. Case-Laws Income Tax Mon, 13 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795075