Search
More than Half of the Income Tax Notices Based on Suspicious Cash Deposits Returned
April 26, 2017
About 60% of the total income tax notices sent by the income tax department to those who made fishy cash deposits, purchased expensive goods or assets, or made accounting changes, especially after the note-ban, have returned or bounced. This only suggests that these entities were involved in the transfer or ownership of black money.
According to a Mumbai-based income tax officer, the department had sent about 2,000 notices of which 60 percent have been returned. Most of the people have also omitted their PAN or address details in the emails.
According to a source, the income tax department has already formed a team to nab these tax evaders. However, investigation is still underway.
