Balasore Cement Trader Gets Tax Notice Over Demonetisation-Era Deposit, Later Wins Relief
A cement trader in Balasore deposited Rs 14.74 lakh in cash during the 2016 demonetisation period. The Income Tax Assessing Officer questioned the deposit by comparing the trader's business activity before and after demonetisation. The officer treated Rs 5.72 lakh of the amount as unexplained cash and initiated proceedings through a notice. The trader ultimately secured relief, according to the reported outcome of the case.
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