https://www.taxtmi.com/highlights?id=104209 Recorded cash sales deposited during demonetisation cannot be treated as unexplained where books, sale bills, stock records and cash balances are accepted, since this would tax the same receipts twice. Rental income reflected in Form 26AS requires reconciliation and verification, with corresponding relief or tax credit where warranted. Business expenditure remains disallowable where the claim that tax withholding was unnecessary is unsupported. A challenge to penalty initiation before a penalty order is premature. Alleged unexplained receipts in a running account must account for debit entries and repayments rather than aggregate gross receipts. Reversal of overdraft interest is not taxable as cessation of liability when only net interest was debited and the reversed amount was not separately claimed. en-us Sat, 26 Sep 2026 08:31:02 +0530 Sat, 26 Sep 2026 08:31:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=104209 Recorded cash sales deposited during demonetisation cannot be treated as unexplained where books, sale bills, stock records and cash balances are accepted, since this would tax the same receipts twice. Rental income reflected in Form 26AS requires reconciliation and verification, with corresponding relief or tax credit where warranted. Business expenditure remains disallowable where the claim that tax withholding was unnecessary is unsupported. A challenge to penalty initiation before a penalty order is premature. Alleged unexplained receipts in a running account must account for debit entries and repayments rather than aggregate gross receipts. Reversal of overdraft interest is not taxable as cessation of liability when only net interest was debited and the reversed amount was not separately claimed. Highlights Income Tax Sat, 26 Sep 2026 08:31:02 +0530 https://www.taxtmi.com/highlights?id=104209