https://www.taxtmi.com/forum/issue?id=111137 Tax liability and penalty exposure arise where cash deposits made following demonetization are not disclosed; Section 270A is identified as the penalty provision for underreported and misreported income. Taxpayers who declare deposited cash in the relevant assessment year and pay tax by the return due date may mitigate penalties. Administratively, the department may issue notices and call for account details when information reporting windows close, but statutory assessment procedure must be followed before any assessment order is passed. en-us Mon, 21 Nov 2016 12:16:21 +0530 Thu, 23 Jan 2025 15:56:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=111137 Tax liability and penalty exposure arise where cash deposits made following demonetization are not disclosed; Section 270A is identified as the penalty provision for underreported and misreported income. Taxpayers who declare deposited cash in the relevant assessment year and pay tax by the return due date may mitigate penalties. Administratively, the department may issue notices and call for account details when information reporting windows close, but statutory assessment procedure must be followed before any assessment order is passed. Discussion-Forum Income Tax Mon, 21 Nov 2016 12:16:21 +0530 https://www.taxtmi.com/forum/issue?id=111137