ALSO READCBDTs 'Operation Clean Money' driving elimination of black money Tax dept removes 'restraint' on sharing of info with agencies Rs 5400 cr of undisclosed income detected post-demonetisation I-T has info on black money deposited post demonet: Comm 8.38 lakh people respond to I-T queries under Ops Clean Money
Scrutiny Notices were served to the assessee who had filed revised return for financial year 2016 after demonetisation.
This development is being seen as a big move by income tax department against the tax evaders and black money holders who had tried to accommodate their unreported money during the period of demonetisation by revising the returns after December 31, 2016.
In the scrutiny notice, the income tax department has asked assessees to produce documents in support of deductions, exemptions, allowances, reliefs other claims of loss and provide proof of all sources of income.
Section 143(2) enables the assessing officer to make a regular assessment after a detailed inquiry.
Failure to comply with scrutiny notices leads to penal provisions such as prosecutions and up to one year imprisonment.
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