ITAT Slashes Tax Demand: Pune Developer’s Rs.1.1 Cr Cash Deposits Partly Accepted as Business Income

The ITAT has provided relief to a Pune-based developer, slashing the tax demand after "partly accepting his cash deposits as business income." The tribunal found that some of the cash deposits, which were made during demonetization, were indeed from genuine business receipts and not unexplained income. The decision provides a balanced approach, accepting the part of the income that was substantiated, and reducing the tax demand on the developer.