Topic

perversity in tax findings

1 articleLatest April 2026
Section 68 IT Act | Cash Deposits During Demonetisation Not Taxable If Source Proven as Pre-Existing Cash: Allahabad HC
Case Law Analysis
|Allahabad High Court

Section 68 IT Act | Cash Deposits During Demonetisation Not Taxable If Source Proven as Pre-Existing Cash: Allahabad HC

Allahabad High Court rules that cash deposits during demonetisation cannot be taxed under Section 68 if the assessee proves the source as pre-existing cash in hand, and the Assessing Officer fails to rebut with evidence. The judgment reinforces the burden of proof on tax authorities to disprove the assessee's explanation, even during extraordinary periods like demonetisation.