Rs 8 lakh cash deposited in bank – man gets tax notice! Assessing officer deems it presumptive business income, but taxpayer wins case in ITAT – ruling explained

A taxpayer successfully challenged the tax department’s decision to treat a large cash deposit as presumptive business income. The Income Tax Appellate Tribunal ruled that the Assessing Officer exceeded his jurisdiction by expanding a limited scrutiny case without proper approval, reinforcing taxpayer rights.