Balasore cement trader wins relief in demonetisation tax notice case

A cement trader in Balasore received an Income Tax notice after depositing Rs 14.74 lakh during the 2016 demonetisation period. The Assessing Officer had classified Rs 5.72 lakh as unexplained cash based on business estimates. The trader successfully challenged this assessment, securing legal relief against the tax department's proceedings regarding his cash deposits.