NewzThe Income Tax Appellate Tribunal (ITAT) in Delhi recently ruled in favor of a pharmacy owner who received a tax notice regarding a cash deposit of Rs 2.47 crore. The taxpayer successfully challenged the notice by asserting that the funds originated from legitimate business sales that were accurately documented within his financial records.
To substantiate his claims, the shop owner provided the tribunal with an audited balance sheet, VAT returns, and sample sales invoices. By presenting these business documents, the assessee demonstrated that the cash deposits were accounted for, leading the tribunal to rule in his favor against the tax department's challenge.
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