https://www.taxtmi.com/caselaws?id=795075 Cash deposits in specified bank notes during demonetisation were explained as genuine refunds of business advances where audited regular books recorded the advances, refunds, deposits and particulars of purchase agents. The books were neither rejected nor shown to be incorrect, the opening cash balance was accepted, and no enquiry or material established that the transactions or entries were fictitious. No abnormal increase in deposits was identified. Receipt of specified bank notes in voluntary lawful commercial transactions before 31 December 2016 was not prohibited merely because the notes had ceased to be legal tender. Suspicion alone did not satisfy the conditions for unexplained cash credits; the addition and consequential taxation were 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 Cash deposits in specified bank notes during demonetisation were explained as genuine refunds of business advances where audited regular books recorded the advances, refunds, deposits and particulars of purchase agents. The books were neither rejected nor shown to be incorrect, the opening cash balance was accepted, and no enquiry or material established that the transactions or entries were fictitious. No abnormal increase in deposits was identified. Receipt of specified bank notes in voluntary lawful commercial transactions before 31 December 2016 was not prohibited merely because the notes had ceased to be legal tender. Suspicion alone did not satisfy the conditions for unexplained cash credits; the addition and consequential taxation were unsustainable. Case-Laws Income Tax Mon, 13 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795075