Medicine shop owner deposited Rs 2.47 crore cash, faced unexplained money tax notice; ITAT Delhi says Income Tax Dept could not counter his evidence, rules in his favour
The deposits in question were made by the medicine shop owner in three savings accounts. (Image for representative purpose in only) Cash deposits made in bank accounts can invite income tax scrutiny if the assessing officer is unable to detect a clear trail and source. In one such case a pharmaceutical and medicines retailer based…
