Categories: BUSINESS

Rs 8 lakh cash deposited in bank – man gets tax notice! How he won case in ITAT

A taxpayer successfully challenged the tax department’s decision to treat a large cash deposit as presumptive business income. The Income Tax Appellate Tribunal ruled that the Assessing Officer exceeded his jurisdiction by expanding a limited scrutiny case without proper approval, reinforcing taxpayer rights.
Sumitra

Share
Published by
Sumitra
9 months ago

Recent Posts

Cyber frauds shift to on-call scams, mule networks

5 hours ago

BNP to take bancassurance route for insurance re-entry

BNP Paribas Cardif is acquiring a significant stake in IndiaFirst Life Insurance. This strategic investment…

5 hours ago

Energy security in focus: What India’s crude oil, LPG and LNG strategic reserves strategy should look like

Once completed, the total strategic petroleum reserves capacity will increase to 11.88 MMT, enabling India…

1 day ago

HCLTech to set up Rs 14.3k cr AI data centre in Odisha

1 day ago

Setback for Trump: US appeals court refuses to revive $100,000 H-1B visa fee

A federal appeals court refused to lift a ruling blocking a $100,000 H-1B visa fee.…

2 days ago

Trump slaps 10% tariff on India, no major impact seen

'Not credible', P 19

2 days ago