Cement trader deposited Rs 14.74 lakh during demonetisation; gets tax notice but wins ITAT relief

<![CDATA[The Income Tax Assessing Officer (AO) in Balasore questioned the deposit and estimated the cement trader’s sales by comparing his business activity before and after demonetisation in 2016. Following this exercise, the assessing officer classified as much as Rs 5.72 lakh as unexplained cash and subsequently initiated proceedings against him by sending a notice.

Why this matters

Regulatory and legal changes affect how businesses file, pay and stay compliant. Even small amendments can change deadlines, disclosures or penalties, so it pays to understand the context before acting.

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Disclaimer

This is general information for awareness only, not legal, tax or investment advice. For guidance on your specific situation, speak to a qualified professional.