CBDT's internal note to the
Senior Revenue officers highlights taxpayers trying to build an explanation for
cash deposits in their bank accounts post demonetisation by manipulating
books-of-accounts and by filing revised/belated income tax returns; CBDT
states that based upon risk-assessment criteria, many of such cases have been
selected for scrutiny and lists down seven instances which might indicate that
assessee had filed revised or belated return merely as a cover-up to explain
the cash deposits in bank accounts; CBDT lists down strategies for the
assessing officers to be kept in consideration during verification and framing
of assessments; CBDT also adds that "manipulations made fictitiously
merely to build an explanation for cash deposits in bank account(s), the
revised return itself becomes questionable and therefore, the transactions
disclosed in it which are over and above the original return are liable to be
taxed under anti-abuse provisions of the Act" : Sources
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