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Demonetisation Cash Deposit Explained through Sale Deeds & Wealth-Tax Records: ITAT Allows 90% Relief, Directs Not to be Taxed u/s 115BBE [Read Order]

Mansi Yadav

The Rajkot Bench of the Income Tax Appellate Tribunal ( ITAT ) has granted substantial relief to assessee, restricting an addition of ₹37.65 lakh...

₹2,000 Notes Almost Gone! RBI Says Only ₹5,817 Crore Still Out There

Cash Deposits during Demonetisation: Delhi HC strikes down Income Tax Order u/s 148(A)(d) for lack...

Senior Citizen’s Demonetization ₹10.46L Deposits Explained as Prior Withdrawals: ITAT Sets Aside...

ITAT Deletes ₹3 Crore Addition Made on Cash Deposits During Demonetization: Upholds Gold Jewellery...

Books Rejected for Absence of Stock Register and Abnormal Cash Sales: ITAT Upholds Rejection and Confirms 5% Profit Estimation u/s 145(3) [Read Order]

The New Delhi Bench of the Income Tax Appellate Tribunal (ITAT) upheld the rejection of books of accounts under Section 145(3) of the Income Tax Act, 1961, and confirmed net profit estimation at 5%,...

ITAT Quashes Part of Income Tax Addition u/s 69A on Cash Deposits During Demonetization Based on Sales Evidence [Read Order]

The New Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has partly deleted an income tax addition of ₹59,78,000 made under Section 69A of the Income Tax Act, 1961, on cash deposits during...

Unexplained Cash Deposit During Demonetisation Led to Addition in Income: ITAT Restores Matter to AO [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) restored the matter to the Assessing Officer (AO) noting that the assessee had failed to properly explain a cash deposit of Rs. 26.5...

UPI Breaks Records To Overtake VISA As World’s Top Real-Time Payment System: 650 Million Daily Transactions

India’s Unified Payments Interface (UPI) has officially surpassed American payments aggregator Visa Inc. to become the world’s largest real-time payment system by transaction volume, crossing a...

Will ₹500 Note Disappear by 2026? Truth Behind the Talk

Is the ₹500 Note Really Going to Disappear by 2026? A viral YouTube video recently claimed that India’s ₹500 note would be withdrawn from circulation by March 2026, sparking a wave of speculation...

8 Years of GST: A Gaze at Milestones, Misses and the Mapping of India’s Indirect Tax System

6 months have passed by since the beginning of 2025 - now that was a tumultuous first half. Now get this - eight years have gone by since the implementation of the Goods and Service Tax (GST)........

ITAT Confirms Legitimacy of Aries Agro’s Cash Deposits During Demonetisation Citing Clear and Verified Records [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) upheld the deletion of additions under Section 68 of the Income Tax Act, 1961, concerning unexplained cash credits, confirming that Aries...