ITAT grants relief to insurance agent over Rs 35 lakh cash deposit flagged by tax department
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·8 viewsAn insurance agent deposited Rs 35 lakh in cash into his bank account, which the tax department treated as unexplained money and asked him to justify. The agent argued that the funds were not his own but premiums collected from customers who purchased policies through him. The Income Tax Appellate Tribunal (ITAT) subsequently provided him relief from the notice. The case highlights how premium collections by agents can be scrutinised when deposited as cash. Further details on the tribunal's reasoning are not specified in the report.
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