CBDT highlights 7 red flags to identify post-demonetisation cash deposit cover-ups

Nov 25,2017

CBDT's internal note to the Senior Revenue officers highlights taxpayers trying to build an explanation for cash deposits in their bank accounts post demonetisation by manipulating books-of-accounts and by filing revised/belated income­ tax returns;  CBDT states that based upon risk-assessment criteria, many of such cases have been selected for scrutiny and lists down seven instances which might indicate that assessee had filed revised or belated return merely as a cover-up to e...

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