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Rs 5.2 crore cash deposit, but Rs 7.65 lakh ITR: Why ITAT quashed tax notice

The AO issued several notices to the individual seeking an explanation for the cash deposit and details relating to his ITR. The responses did not satisfy

TOI BusinessSeptember 28, 20261 min read
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Rs 5.2 crore cash deposit, but Rs 7.65 lakh ITR: Why ITAT quashed tax notice

The AO issued several notices to the individual seeking an explanation for the cash deposit and details relating to his ITR. The responses did not satisfy the tax department, following which the AO passed an assessment order. Through the order, the Rs 5.2 crore deposit was treated as unexplained money under Section 69.

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