https://www.taxtmi.com/caselaws?id=799128 Cash deposits of specified bank notes received from members towards crop and tractor loan recoveries cannot be treated as unexplained cash credits under Section 68 where regularly maintained books, member-wise details and the loan-repayment nexus satisfactorily establish their nature and source. The later restriction on specified bank notes does not itself negate the explained character of recorded credits. Taxing such disclosed gross receipts again as unexplained credits would result in double taxation. The receipts are to be treated as business receipts, with deduction under Section 80P available in accordance with law. en-us Mon, 10 Aug 2026 00:00:00 +0530 Thu, 17 Sep 2026 07:52:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799128 Cash deposits of specified bank notes received from members towards crop and tractor loan recoveries cannot be treated as unexplained cash credits under Section 68 where regularly maintained books, member-wise details and the loan-repayment nexus satisfactorily establish their nature and source. The later restriction on specified bank notes does not itself negate the explained character of recorded credits. Taxing such disclosed gross receipts again as unexplained credits would result in double taxation. The receipts are to be treated as business receipts, with deduction under Section 80P available in accordance with law. Case-Laws Income Tax Mon, 10 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799128