ITAT Delhi Rules in Favor of Shop Owner Over Rs 2.47 Crore Cash Deposit

The shop owner deposited Rs 2.47 crore in cash, claiming it came from pharmacy sales recorded in business books. He supported this with an audited balance sheet, VAT returns, and sample sales invoices. Despite the Assessing Officer's rejection, the Income Tax Appellate Tribunal (ITAT) Delhi ruled in favor of the assessee, accepting the documentation as proof of legitimate income.

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