Deposited over ₹50 lakh cash in bank account, no ITR filed: Here's why ITAT ruled in taxpayer's favour
· livemint.com
A ₹54 lakh cash deposit landed a Rohtak property dealer in a tax dispute after he failed to file an ITR and respond to notices. But documents showing the money belonged to property buyers, not him, changed the case and led the Delhi ITAT to delete the tax addition.
A huge amount of cash deposited in a bank account can attract scrutiny from the Income Tax Department, particularly when the taxpayer has not filed an income ta...