Widow faces tax notice for Rs 60 lakh cash deposits; why ITAT gave ‘gift’ relief
The Income Tax Department discovered that a woman had deposited Rs 60,07,500 in cash into her bank account during the financial year 2015-16. However, she had not filed an income tax return (ITR) for the corresponding assessment year. The Assessing Officer (AO) subsequently issued a show-cause notice under Section 148A(b) of the Income Tax Act, 1961....
Key Takeaways
- The Income Tax Department discovered that a woman had deposited Rs 60,07,500 in cash into her bank account during the financial year 2015-16.
- However, she had not filed an income tax return (ITR) for the corresponding assessment year.
- The Assessing Officer (AO) subsequently issued a show-cause notice under Section 148A(b) of the Income Tax Act, 1961.
The Income Tax Department discovered that a woman had deposited Rs 60,07,500 in cash into her bank account during the financial year 2015-16. However, she had not filed an income tax return (ITR) for the corresponding assessment year. The Assessing Officer (AO) subsequently issued a show-cause notice under Section 148A(b) of the Income Tax Act, 1961. As the woman did not respond, the AO passed an order.
Original Publisher Attribution
This summary was curated from Times of India.