TaxTMI 
TaxTMI 
Some of the important issues to be considered while framing scrutiny assessments pertaining to filing of revised/belated returns by assessees, post-demonetisation.
X X X X Extracts X X X X
X X X X Extracts X X X X
....nue (CBDT) North Block, New Delhi, the 24th of November, 2017 To All Principal Chief-Commissioners of Income-tax/Directors-General of Income-tax Sir/Madam, Subject: Some of the important issues to be considered while framing scrutiny assessments pertaining to filing of revised/belated returns by assessees, post-demonetisation-reg.- Post-demonetisation, it was found that some of t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e Act by Income-tax Department. Based upon risk-assessment, several of such cases were selected for scrutiny in Computer Aided Scrutiny Selection (CASS) during this financial year. 2. Under the Act, revision of income-tax return is allowed only if any omission or wrong statement is discovered therein by the concerned assesse. Such omission or wrong statement should have occurred due to a bonafi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ed revised or belated return merely as a cover up to explain the cash deposits in bank accounts are: i. Unsubstantiated reduction in closing stock in the revised return vis-a-vis the figures in original return; ii. Reporting of higher sales in the revised return; iii. Cash-in-hand as on 31.03.2016 or 31.03.2015 was enhanced in the revised return: iv. Additional cash inflow claimed to b....
X X X X Extracts X X X X
X X X X Extracts X X X X
....here the accounts are subjected to tax-audit, whether omission or wrong statement in the original return was pointed out by the audit or not; IV. The source of cash in hands of the person who had made payments to the assesse has to be verified carefully; V. The past profile of the concerned assessee should be thoroughly analysed; VI. Where as a result of enquiries/investigations it emerge....