Income Tax Deptt to assess 80k big cash depositors during demonetisation
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Earlier, the I-T department had issued notices to around 3 lakh individuals under Section 142(1), requiring them to provide details relating to their cash deposits and also to furnish their I-T returns for 2016-17. In 87,000 cases, the I-T department received no response (or in technical terms, the notices were non-complied with). The CBDT has exhorted that the best judgement assessments should be completed by March 31, or latest by June 30.
The CBDT notification explains that the I-T officer can send notices to any person under Section 133(6) for gathering material — such as additional information of the persons, details of the transactions and fund flow from banks — which would enable closure of the best judgment assessment.
“Such notices would be issued by the concerned I-T official after a careful appraisal of information at his disposal so that maximum possible additional information can be culled out. Further, a detailed analysis of past income tax returns, if available, should also be made to form an opinion regarding nature of transactions related to demonetisation,” the notification states.
The SOP provides that an opportunity of being heard shall be granted to the taxpayer to explain his case. Further, the range head may examine the record of assessment proceedings and issue direction for guiding the I-T officers in conducting such proceedings. Sharing of information, such as details of beneficiaries that are now detected among relevant I-T officers, has also been called for.#casansaar (Source - Times of India)
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