![ITAT upholds Addition since assessee failed to explain the source of Cash Deposit in her Bank Account during Demonetization period [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/02/ITAT-source-of-cash-deposit-bank-account-demonetization-Taxscan.jpg "ITAT upholds Addition since assessee failed to explain the source of Cash Deposit in her Bank Account during Demonetization period [Read Order]")
ITAT upholds Addition since assessee failed to explain the source of Cash Deposit in her Bank Account during Demonetization period [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench upheld the addition on the ground that the assessee failed to explain the source of cash...
Post Demonetization: More than 1100 Searches and Surveys were conducted, more than 5100 Verification Notices issued
The undisclosed income detected in these actions was more than Rs. 5400 crore. Disclosure of information regarding law flouters/specific taxpayers is prohibited except as provided under Section...
Demonenization; Cash transactions above 2 lakhs during the window-period must be shown in the IT Return
All cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period after the note ban will have to be disclosed in the new one-page Income Tax return (ITR) form. ...
Demonetization: SC to hear PIL seeking Withdrawal of all Taxes and Complete Ban of High Value Notes on Friday
The division bench of the Supreme Court, on Tuesday agreed to hear the PIL seeking complete ban of Rs. 500, 1000 and 2,000 notes and withdrawal of all taxes except custom and import duties; and...
Demonetization - 7 years Punishment for persons using Other’s Bank Account to legalize Black Money; says IT Department
The Income Tax Department to levy penalty of 7 years imprisonment for persons depositing money in other’s account during the 50 day window period. Sources reveals that the Department has decided to...
Demonetization: 200% Penalty on Cash Deposits above 2.5 lakhs, PAN is mandatory for Gold Purchase
Reportedly, the Government warns to impose tax on all cash deposits above 2.5 lakhs with 200% penalty in case of income mismatch.Any mismatch with income declared by the account holder will be treated...