Some of the important issues to be considered while framing scrutiny assessments pertaining to filing of revised/belated returns by assessees, post-demonetisation.

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....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 the assessees tried to build an explanation for cash depos....

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....t, 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 bonafide inadvertent error or a mistake on the part of the assess....

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....n 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 be out of earlier year savings, receipt of loans/advances/gifts/repa....

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.... 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 emerges that figures in the revised/belated return are fudged, the figure of manipulated rece....