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
Highlight the circumstances under which penal provisions in relation to cash deposits can be invoked
The Present Publication is the latest 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 as power of enhancement by CIT(A) and Tribunal, re-opening and re-assessment and revision under Section 263 have also been incorporated
Contents of this book are as follows:

Introduction
After effects of Demonetization
Various Modes of Cash Deposits
Cash Deposits and Bogus Sales & Purchases
Cash Deposits and Section 68
Cash Deposits and Section 69
Cash Deposits and Section 69A
Cash Withdrawal and Deposit
Bank Passbook and Section 68
Books and Books of Account
Burden of Proof
Legal Fiction under Section 68, 69 and 69A
Concept of Telescoping and Peak Credit in relation to Cash Transaction
Substantive – Protective assessments
Cash Deposits and Presumptive Taxation
Nature of amendment in Section 115BBE by Taxation Laws (Second Amendment) Act, 2016
Related Issues
Power of Enhancement
SBN Deposits in Banks and Prohibition of Benami Property Transactions Act, 1988
Cash Transactions and Penalties
Reopening and Reassessment
Revision under Section 263
FAQs