2025 (12) TMI 347

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....donation of which has been sought by the assessee on the strength of condonation petition and affidavit. Considering the contents of the same as well as the period of delay, the delay is condoned. 2. At the time of hearing, none appeared for assessee. The Ld. Sr. DR pleaded for dismissal of the appeal. Upon perusal of assessment order, it could be seen that the assessee deposited cash of Rs. 14.19 Lacs during demonetization period. The Ld. AO, after granting benefit of agricultural income as established by the assessee, added remaining unexplained amount of Rs. 3.19 Lacs u/s 69 r.w.s. 115BBE of the Act. The Ld. CIT(A) confirmed the assessment since the assessee could not substantiate the source of Rs. 3.19 Lacs. Aggrieved, the assessee i....

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....(Second Amendment) Bill 2016 is extracted hereunder: Press Information Bureau Government of India Ministry of Finance 28-November-2016 15:56 IST Taxation Laws (Second Amendment) Bill, 2016 introduced in Lok Sabha; A scheme namely, 'Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016' (PMGKY) proposed in the Bill. Evasion of taxes deprives the nation of critical resources which could enable the Government to undertake anti-poverty and development programmes. It also puts a disproportionate burden on the honest taxpayers who have to bear the brunt of higher taxes to make up for the revenue leakage. As a step forward to curb black money, bank notes of existing series of denomination of the ....

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....ax, surcharge and penalty (totaling to approximately 50%), the declarant shall have to deposit 25% of undisclosed income in a Deposit Scheme to be notified by the RBI under the 'Pradhan Mantri Garib Kalyan Deposit Scheme, 2016'. This amount is proposed to be utilised for the schemes of irrigation, housing, toilets, infrastructure, primary education, primary health, livelihood, etc., so that there is justice and equality. An overview of the amendments proposed in the Bill are placed below; xxxxx xxxxx 17. In the aforesaid objects and reasons nowhere it is stated that due to "demonetization" the unaccounted money ought to be charged 60% rate of tax. It only states that step had been taken to curb black mone....