Fruit dealer earns Rs 92 lakh in a year; files no ITR; gets tax notice for unexplained cash credit; he fights back and wins case in ITAT Bangalore

A Bengaluru fruit dealer successfully challenged a tax notice for unexplained cash credit. The Income Tax Appellate Tribunal (ITAT) Bangalore ruled in his favor, stating that tax authorities need more than just a claim of unexplained cash. The tribunal accepted the dealer's business as genuine, allowing his cash deposits to be treated as business receipts.

from Tax-Wealth-Economic Times https://ift.tt/tqXPzcJ