https://www.taxtmi.com/circulars?id=56487 Where enquiries show that revised or belated returns filed post demonetisation contain fictitious manipulations-such as inflated sales, reduced closing stock, or increased cash in hand-the revised filings are suspect and manipulated receipts/sales/stock may be taxed as cash credit. Assessing Officers should compare disclosures with indirect tax records, verify counterparty genuineness, check tax audit findings, trace sources of payments, and, if income is found undisclosed, apply higher rate taxation applicable to such income; similar scrutiny applies to attempted creation of assets in wealth returns. en-us Fri, 24 Nov 2017 00:00:00 +0530 Fri, 01 Dec 2017 17:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=56487 Where enquiries show that revised or belated returns filed post demonetisation contain fictitious manipulations-such as inflated sales, reduced closing stock, or increased cash in hand-the revised filings are suspect and manipulated receipts/sales/stock may be taxed as cash credit. Assessing Officers should compare disclosures with indirect tax records, verify counterparty genuineness, check tax audit findings, trace sources of payments, and, if income is found undisclosed, apply higher rate taxation applicable to such income; similar scrutiny applies to attempted creation of assets in wealth returns. Circulars Income Tax Fri, 24 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/circulars?id=56487