Indian Tax Tribunal Rejects Plea Over Unexplained Cash Deposits

Rs 41.69 lakh cash deposit, no ITR: He said wife paid expenses; ITAT rejects plea

Reddy said he discovered the notice relating to the unexplained cash deposits only when he applied for a visa for foreign travel. He claimed that the Embassy informed him that an ITR was required for the visa application, which was when he came to know about the tax proceedings. The Income Tax Officer, however, did not accept this explanation.

By TOI BUSINESS DESK