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Urban Cooperative Bank accepted cash in Specified Bank Notes, not covered by RBI Circular. Cash not unexplained income. Grounds allowed.

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....The ITAT held that an Urban Cooperative Bank's acceptance of cash in the form of Specified Bank Notes (SBNs) cannot be considered unexplained income u/s 68 due to RBI Circular restricting exchange to District Cooperative Central Banks only. The grounds raised by the assessee were allowed.....

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