Cash Deposits During Demonetisation Not 'Unexplained Money' If Traceable To Previous Year's Balance: Chhattisgarh High Court

The Chhattisgarh High Court has ruled that "cash deposits during demonetisation" are "not unexplained money if traceable to a previous year's balance." The court's decision, which is a significant victory for the taxpayer, was made on the grounds that the company's claim was not supported by evidence. The ruling clarifies that a tax authority can't add a tax to a company's account without a valid reason.