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CBDT Sets Deadline To Dispose Demonetisation Cases

In its interim action plan for the April-June 2019 quarter, the Central Board of Direct Taxes (CBDT) has set 30 June 2019 as the deadline to dispose of all the cases related to demonetisation “where assessment is required to be framed,” according to a report by the Hindu Business Line.

Earlier, the tax authorities had identified 87,000 cases where the assessees had not filed responses to income tax notices issued post the note ban issued on 8 November 2018. Over 3 lakh notices and emails were sent to those who had made high cash deposits following the demonetisation announcement but not filed income tax returns.

The deadline of 30 June is also set for issuing notices to those who fail to file statement of financial transactions (SFT) of high-value transactions under Section 285BA of Income-tax Act by 15 May 2019 and for filing of references before the national company law tribunal (NCLT) for firms that have been struck off under the Companies Act.

The auction sale of 20 percent of properties attached up to 31 March by every Tax Recovery Official (TRO) is also mandated by the CBDT to be completed by 30 June.

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