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Demonetisation: Cement trader deposited Rs 14.74 lakh; gets notice but wins relief

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.

First reported by Times of India 1 source
Image: Times of India
Image: Times of India
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  1. Times of India

    Demonetisation: Cement trader deposited Rs 14.74 lakh; gets notice but wins relief (opens Times of India in a new tab)

    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…

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