Legal● Neutral for Indian equities
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 brief
- ITAT Delhi ruled for a pharmacy owner who deposited Rs 2.47 crore in cash
- The tribunal found the tax department had not countered his evidence that sales were recorded in business books
- The ruling clarifies evidentiary standards in tax disputes for Indian businesses and taxpayers