Cash deposits in Nov 2016 unexplained, rightly taxed at 60% u/s 115BBE. Limited scrutiny scope upheld for demonetization verification.

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Cash deposits in Nov 2016 unexplained, rightly taxed at 60% u/s 115BBE. Limited scrutiny scope upheld for demonetization verification.

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....Unexplained money u/s 69A read with Section 115BBE(1) - no explanation regarding source of cash deposit in savings account - case selected for limited scrutiny, thus recharacterization of income as unexplained u/s 69A beyond scope of limited scrutiny, liable to be struck down. Scope of limited scrutiny upheld for verifying demonetization cash deposits. Cash deposits in November 2016 governed by pre-amended Section 115BBE. Assessee failed to explain nature and source of cash deposit, rightly treated as unexplained money u/s 69A. Income disclosed under "income from other sources" cannot be treated as explained source for cash deposit. Tax rightly levied at 60% u/s 115BBE(1) on unexplained money. Appeal dismissed.....

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Cash deposits in Nov 2016 unexplained, rightly taxed at 60% u/s 115BBE. Limited scrutiny scope upheld for demonetization verification.