Bidi trader with ₹5-crore turnover gets notice for unexplained income, gets relief
A pan masala and bidi trader with ₹5-crore turnover in Gujarat won relief from Income Tax Appellate Tribunal (ITAT) after he received tax notice for ₹12.29-lakh unexplained income. ITAT noted the trader had deposited the amount via specified bank notes in November 2016, and the notice was based on taxing same amount twice. ITAT also disallowed interest on 'unexplained income'.