The Hon’ble Tribunal held that cash in hand till November 8, 2016 in old currency notes alone could be considered to have been deposited by the assessee on December 1, 2016. To this extent, the disallowance was to be deleted. As regards the balance amount, the assessee having not given a satisfactory explanation, the disallowance was to be affirmed. (AY. 2017-18)
Shail Jayesh Shah v .ITO (2023)101 ITR 38 (SN.) (Mum) (Trib)
S. 68 : Cash credits-Unexplained money-Demonetisation-Cash available in old demonetised currency-Withdrawal from bank upto November 8, 2016-Disallowance to that extent not sustainable-Balance disallowance of cash is proper.[S. 69]