https://www.taxtmi.com/caselaws?id=471940 Cash deposits in specified bank notes during demonetisation cannot be assessed as unexplained money where recorded cash balances and business collections establish their source. Section 69A applies only when the source remains unexplained. Books of account, cash book, audited financial statements and tax-audit records supported the deposits and were neither rejected nor found defective. As recorded cash sales had already been offered to tax, a separate addition would result in double taxation. A bank certificate also confirmed that the specified-bank-note deposits were lower than the amount assumed in assessment. The unrebutted evidence rendered the addition under Sections 69A and 115BBE unsustainable. en-us Fri, 21 Mar 2025 00:00:00 +0530 Thu, 24 Sep 2026 13:54:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471940 Cash deposits in specified bank notes during demonetisation cannot be assessed as unexplained money where recorded cash balances and business collections establish their source. Section 69A applies only when the source remains unexplained. Books of account, cash book, audited financial statements and tax-audit records supported the deposits and were neither rejected nor found defective. As recorded cash sales had already been offered to tax, a separate addition would result in double taxation. A bank certificate also confirmed that the specified-bank-note deposits were lower than the amount assumed in assessment. The unrebutted evidence rendered the addition under Sections 69A and 115BBE unsustainable. Case-Laws Income Tax Fri, 21 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471940