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. 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.