Scrap dealer faces tax demand over ₹1 cr cash deposits despite ₹3 lakh income; ITAT intervenes

A Pune bench of Income Tax Appellate Tribunal granted relief to a scrap dealer facing a ₹44 lakh tax demand after depositing ₹1.28 crore in cash while reporting an annual income of ₹3 lakh. The Income Tax Department treated the deposits as unexplained money. However, ITAT intervened, citing consistency in past assessments, and sent the case back for fresh review.

Load More