2 years, 10 months ago

Violation of RBI Notification Prohibiting Deposit Of Demonetized Notes Does not attract Addition On Account of Unexplained Cash Credits: ITAT

The Bangalore bench of the Income Tax Appellate Tribunal consisting of B.R. Baskaran held that violation of the RBI notification prohibiting deposit of demonetized notes does not attract addition on account of unexplained cash credits. 36,16,262 as an unexplained cash deposit under section 68 of the Income Tax Act. The assessee submitted that the provisions of Section 5 of the, 2017 specify that "on and from the appointed day, no person shall knowingly or voluntarily hold, transfer, or receive any specified bank note". The ITAT relied on the decision of the ITAT in the case of Bhageeratha Pattina Sahakara Sangha Niyamitha vs. ITO in which it was ruled that the deposit of demonetized notes collected by the assessee from its members would not be hit by the provisions of section 68.

Live Law
Rbi Deposit Notes Its Members Itat Assessee Cit Section 68 Sbn Demonetized Notes
[Income Tax Act] Placing Funds In One Account Before Transferring It To Another Does Not Attract S. 69A: Allahabad High Court
4 months, 1 week ago

[Income Tax Act] Placing Funds In One Account Before Transferring It To Another Does Not Attract S. 69A: Allahabad High Court

Live Law
Tax
High Court Rejects Income Tax Appeal, Finds No Escapement of Rs. 3.25 Crore
5 months, 4 weeks ago

High Court Rejects Income Tax Appeal, Finds No Escapement of Rs. 3.25 Crore

Live Law
Law Ahmedabad
Seized Documents Lack Information About Receipt Of Money: Mumbai ITAT Deletes Addition
9 months, 3 weeks ago

Seized Documents Lack Information About Receipt Of Money: Mumbai ITAT Deletes Addition

Live Law
Tax
Cash Deposits Made From Assessee's Parents Accumulated Savings And Income From Agricultural Activities; ITAT Deletes Addition
10 months, 1 week ago

Cash Deposits Made From Assessee's Parents Accumulated Savings And Income From Agricultural Activities; ITAT Deletes Addition

Live Law
Parents
Making Deposit At One Go After Declaration Of Demonetization Is No Reason For Doubting Cash Sales: Indore ITAT
1 year ago

Making Deposit At One Go After Declaration Of Demonetization Is No Reason For Doubting Cash Sales: Indore ITAT

Live Law
Bank
Cash Deposits By Members Of Society During Demonetization Not Verified In Absence Of PAN & KYC: Bangalore ITAT Asks To Reconsider Relief U/s 80P(2)(A)
1 year, 1 month ago

Cash Deposits By Members Of Society During Demonetization Not Verified In Absence Of PAN & KYC: Bangalore ITAT Asks To Reconsider Relief U/s 80P(2)(A)

Live Law
Bench
Tax Cases Weekly Round-Up: 26 November To 2 December, 2023
1 year, 4 months ago

Tax Cases Weekly Round-Up: 26 November To 2 December, 2023

Live Law
Tax
Tax Cases Weekly Round-Up: 05 November To 11 November, 2023
1 year, 5 months ago

Tax Cases Weekly Round-Up: 05 November To 11 November, 2023

Live Law
India
Assessment Invalid On Account Of A Mechanical Non-Speaking Approval Under Section 153D: ITAT
1 year, 6 months ago

Assessment Invalid On Account Of A Mechanical Non-Speaking Approval Under Section 153D: ITAT

Live Law
Finance
ITAT Upholds Addition On Account Of Unexplained Cash Deposit Made During Demonetisation
1 year, 8 months ago

ITAT Upholds Addition On Account Of Unexplained Cash Deposit Made During Demonetisation

Live Law
India
ITAT Deletes Addition On Account Of Cash Deposited In The Bank Accounts During Demonetisation Period
2 years, 4 months ago

ITAT Deletes Addition On Account Of Cash Deposited In The Bank Accounts During Demonetisation Period

Live Law
Bank
Cash Transaction Exceeding Rs. 20K Does Not Nullify The Transaction In S.138 NI Act Case: Karnataka High Court
2 years, 4 months ago

Cash Transaction Exceeding Rs. 20K Does Not Nullify The Transaction In S.138 NI Act Case: Karnataka High Court

Live Law
Tax
Cash Deposits Made Out Of Withdrawals For The Purpose Of Daughter's Marriage: ITAT Delete Addition
2 years, 5 months ago

Cash Deposits Made Out Of Withdrawals For The Purpose Of Daughter's Marriage: ITAT Delete Addition

Live Law
Marriage
Income tax: These 5 cash transactions may attract I-T notice. Details here
3 years, 3 months ago

Income tax: These 5 cash transactions may attract I-T notice. Details here

Live Mint
Tax
Demonetization impact: Tax Department to send notices to 1.16 lakh depositors
7 years, 4 months ago

Demonetization impact: Tax Department to send notices to 1.16 lakh depositors

Op India
Department
Taxman slaps 1.16 lakh notices for suspicious cash deposits post demonetisation
7 years, 4 months ago

Taxman slaps 1.16 lakh notices for suspicious cash deposits post demonetisation

India TV News
Lakh
No action taken after seizure of withdrawn notes
7 years, 5 months ago

No action taken after seizure of withdrawn notes

The Hindu
Tax
One year of demonetisation: I-T to issue 1,00,000 notices for unexplained deposits post note ban
7 years, 5 months ago

One year of demonetisation: I-T to issue 1,00,000 notices for unexplained deposits post note ban

India TV News
Tax
I-T Department warns black money hoarders of action, to be fined over 77% if caught
8 years ago

I-T Department warns black money hoarders of action, to be fined over 77% if caught

Firstpost
Karnataka
New agency to probe anomalies in Income Tax returns filed post demonetisation
8 years, 1 month ago

New agency to probe anomalies in Income Tax returns filed post demonetisation

The Hindu
Tax
No decision yet on imposing tax on cash transactions: Shaktikanta Das
8 years, 2 months ago

No decision yet on imposing tax on cash transactions: Shaktikanta Das

Firstpost
Tax
Post-note ban, 18 lakh depositors under Income Tax scanner
8 years, 2 months ago

Post-note ban, 18 lakh depositors under Income Tax scanner

Deccan Chronicle
Income Tax
I-T suspects Rs 3-4 lakh crore evaded income deposited in banks post note ban
8 years, 3 months ago

I-T suspects Rs 3-4 lakh crore evaded income deposited in banks post note ban

India TV News
Tax
Tax department asks banks to report pre-demonetisation cash deposits
8 years, 3 months ago

Tax department asks banks to report pre-demonetisation cash deposits

Live Mint
Banks
Mamata questions tax exemption on deposits in old notes by political parties
8 years, 3 months ago

Mamata questions tax exemption on deposits in old notes by political parties

Live Mint
Political
No Tax For Political Parties Depositing Old Notes In Banks
8 years, 3 months ago

No Tax For Political Parties Depositing Old Notes In Banks

Live Law
Political
Note ban: 50% tax, 4-year lock-in period for unaccounted deposits up to Dec 30 on the cards
8 years, 4 months ago

Note ban: 50% tax, 4-year lock-in period for unaccounted deposits up to Dec 30 on the cards

Firstpost
Tax
New income tax rules to curb unaccounted cash
8 years, 4 months ago

New income tax rules to curb unaccounted cash

Live Mint
Tax

Discover Related