Menu
Inshorts
For the best experience use inshorts app on your smartphone
inshortsinshorts
Scrap dealer faces tax demand over ₹1 cr cash deposits despite ₹3 lakh income; ITAT intervenes
short by Dharini Mudgal / on Saturday, 6 June, 2026
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.
read more at Financial Express