https://www.taxtmi.com/caselaws?id=471551 Cash deposits in specified bank notes during demonetisation may be explained as business sale proceeds where the taxpayer has disclosed the relevant business income and part of the deposits has been accepted as explained. Maintenance of books of account is not compulsory for every taxpayer under the Income-tax Act. In the absence of material disproving the explanation, failure to maintain books alone does not justify treating business-receipt deposits as unexplained money. The unexplained-money addition was therefore regarded as unjustified and liable to deletion. en-us Tue, 08 Apr 2025 00:00:00 +0530 Tue, 08 Sep 2026 19:18:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471551 Cash deposits in specified bank notes during demonetisation may be explained as business sale proceeds where the taxpayer has disclosed the relevant business income and part of the deposits has been accepted as explained. Maintenance of books of account is not compulsory for every taxpayer under the Income-tax Act. In the absence of material disproving the explanation, failure to maintain books alone does not justify treating business-receipt deposits as unexplained money. The unexplained-money addition was therefore regarded as unjustified and liable to deletion. Case-Laws Income Tax Tue, 08 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471551