The Economic Times

Deposited Rs 80 lakh cash during demonetisation? ITAT rejects property purchase claim, calls it unexplained income

A Surat businessman's Rs 80 lakh cash deposit during demonetisation was deemed unexplained by ITAT Surat. The tribunal rejected his claim of withdrawing funds for a property deal. The court found his explanation lacked evidence and defied normal business conduct. The businessman's appeal was dismissed, upholding the tax department's action.