Business

₹32 lakh cash deposit under tax scrutiny: ITAT ruling highlights why maintaining proof of money source is crucial

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India

₹32 lakh cash deposit under tax scrutiny: ITAT ruling highlights why maintaining proof of money source is crucial — Sources: Livemint

A taxpayer faced an Income Tax addition after depositing ₹32 lakh in cash during demonetisation, but the ITAT accepted ₹2.84 lakh linked to her mother-in-law’s gold sale. The ruling highlights why taxpayers need clear evidence to establish the source of cash.

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