The ITAT held that an Urban Cooperative Bank's acceptance of ...

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

Case Laws Income Tax

June 15, 2024

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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The ITAT held that an Urban Cooperative Bank's acceptance of ...

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

Case Laws Income Tax

June 15, 2024

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