ITAT slams Surat businessman over Rs 80 lakh demonetisation cash as unexplained income

Published on 24 April 2026

Claimed withdrawal for property — but ITAT saw no proof

The ITAT Surat rejected a Surat businessman’s explanation for depositing Rs 80 lakh in cash during demonetisation. He claimed the money came from an earlier withdrawal for a property purchase, but the tribunal found the story unsupported by evidence and inconsistent with normal business conduct. His appeal was dismissed, upholding the tax department’s decision to treat it as unexplained income.

ITAT Surat deemed a Rs 80 lakh cash deposit unexplained
Businessman’s property-purchase withdrawal claim was rejected
Lack of evidence and unusual conduct weighed against him
Appeal dismissed, tax department action upheld

#demonetisation #it at #income tax #cash deposits #property purchase

Read the full story at The Economic Times

This summarization was done by Beige for a story published on The Economic Times

ITAT slams Surat businessman over Rs 80 lakh demonetisation cash as unexplained income

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