When Mr Rakesh Kumar from Rohini, Delhi, who owns a thriving retail business of pharmaceuticals and medicines, deposited Rs 2.47 crore cash in his own bank accounts, he had no idea that it would trigger a tax notice for unexplained cash from the income tax department. Kumar deposited the cash in his three savings bank accounts at Oriental Bank of Commerce.
Kumar tried his best to make the Income Tax Department understand that the cash deposits were from sales at his pharmaceutical shop, and were duly accounted for in his books. He also submitted the audited balance sheet, VAT (value-added tax) returns, and sample sales invoices.
