The Tribunal also referred to the Specified Bank Notes (Cessation of Liabilities) Act, 2017, noting that the statutory “appointed day” was 31.12.2016. The assessee society is engaged in the activities of carrying on the business of providing credit facilities to its members only. The assessee society filed its return of income for the AY 2017-18 declaring a loss of Rs. RBI had withdrawn legal tender character of old bank notes w.e.f. Further, Section 5 of the Specified Bank Notes (cessation of liabilities) Act, 2017 also deals with prohibition on holding, transferring or receiving Specified Bank Notes.