Taxation of Cash Deposits & Deposits after Demonetisation


  • Author : D.C Agrawal
  • Edition : 2020 Edition
  • Date of Publication : September 2020
  • Weight (Kgs) : 0.845
  • No. of papers : 592


This book is a ready referencer to understand the tax implication of cash deposited during demonetization or in routine course, and the guidance on how to give response to the notices of Department. It also provides a complete understanding of the provisions relating to unexplained Income and Prohibition of Benami Property Transaction Act, 1988. This book has been written with the following objectives:

  • Provides an idea about the tax consequences of demonetization;
  • Provides an insight into various modes used by the taxpayers to explain their cash deposited in the bank;
  • Explains the conditions under which various deeming provisions under Income Tax Act can be applied;
  • Highlights the requirement of documentary evidence in support of explanation furnished by the assessee;
  • Covers the circumstances under which enhancement, revision or reopening can be done; and
  • Highlight the circumstances under which penal provisions in relation to cash deposits can be invoked.

The present publication is the first edition, authored by D.C. Agarwal & updated till 15th August 2020, with the following noteworthy features:

  • Chapter are designed in the form of independent articles so that all the material relating to the issue is compiled in one place
  • Chapter on selected questions and answers – FAQs on the issues relating to assessment of cash deposits has also been inserted
  • Topics such aspower of enhancement by CIT(A) and Tribunalre-opening and re-assessment and revision under Section 263  have also been incorporated
  • Contents of this book are as follows:

o   Introduction

o   After effects of Demonetization

o   Various Modes of Cash Deposits

o   Cash Deposits and Bogus Sales & Purchases

o   Cash Deposits and Section 68

o   Cash Deposits and Section 69

o   Cash Deposits and Section 69A

o   Cash Withdrawal and Deposit

o   Bank Passbook and Section 68

o   Books and Books of Account

o   Burden of Proof

o   Legal Fiction under Section 68, 69 and 69A

o   Concept of Telescoping and Peak Credit in relation to Cash Transaction

o   Substantive – Protective assessments

o   Cash Deposits and Presumptive Taxation

o   Nature of amendment in Section  115BBE by Taxation Laws (Second Amendment) Act, 2016

o   Related Issues

o   Power of Enhancement

o   SBN Deposits in Banks and Prohibition of Benami Property Transactions Act, 1988

o   Cash Transactions and Penalties

o   Reopening and Reassessment

o   Revision under Section 263

o   FAQs


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