Rs 2.47 crore cash deposit triggers tax notice: Why ITAT Delhi ruled in favour of assessee

The shop owner said that deposited cash had come from sales generated by his pharmacy and had been properly recorded for in the concerned business books. To support his explanation, he submitted an audited balance sheet, VAT (value-added tax) returns and sample sales invoices. The Assessing Officer (AO), however, did not accept his account.