Cement trader wins tax case over ₹5.72 lakh cash notice in ITAT Cuttack
In short
A cement trader from Balasore deposited ₹14.74 lakh during demonetisation and later got a tax notice for ₹5.72 lakh of cash.
He showed cash-book records to the ITAT Cuttack, which accepted the money as explained. That ended his tax trouble.
What the reporting says
A cement trader from Balasore deposited ₹14.74 lakh during demonetisation and was later sent a tax notice over ₹5.72 lakh as unexplained cash. The taxpayer challenged the Income Tax Department’s view by producing cash-book evidence, and the ITAT Cuttack accepted that he had sufficient cash on hand. The tribunal treated the disputed amount as explained, ending the tax dispute.
Why it matters
A cement trader from Balasore deposited ₹14.74 lakh during demonetisation and faced an Income Tax Department notice over ₹5.72 lakh as unexplained cash. He challenged the assessment with cash-book evidence, and the ITAT Cuttack accepted that he had sufficient cash on hand. The ruling matters for the taxpayer and for similar cash-deposit disputes under tax scrutiny.