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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

• 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

How landlord won tax relief on Rs 14.96 lakh demonetisation cash deposit

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) recently held that rental income already disclosed to the income tax authorities can be considered as an identifiable source of cash deposited into a bank account at a later date. Even where a landlord claims to have collected rent in cash, the subsequent deposit of that money cannot be disregarded merely because the rental earnings…