Day Of Reckoning: Tax Department Sets 30 June As Deadline For Disposing Of Demonetisation Cases

In a major development, the Central Board of Direct taxes (CBDT) has set a deadline of 30 June 2019 to dispose all cases pertinent to demonetisation period by framing assessment orders against taxpayers.

Of nearly three lakh notices sent, early 87,000 assesses have not replied to the notices sent by tax department after discrepancies were noted in the amount deposited by them in banks during demonetisation, reports Hindu BusinessLine.

The interim action plan of the income tax department formulated by the CBDT directs all the chief commissioners to allow disposal of appeals of more than Rs 10 lakh if a commissioner (appeals) does not have adequate number of appeals of up to Rs 10 lakh, so as to meet the target of 150 appeals by 30 June 2019.

For verification of non-PAN or demonetisation/FATCA/CRS/special pilot project-related data, the CBDT has set a target of verification of minimum eight cases per month for each deputy director or assistant director and 17 cases per month for each income tax office

Same deadline also stands for the disposal of assessments in at least 25 cases (20 in international taxation) per assessing officer of limited scrutiny, reopened assessment under Section 147 and demonetisation-related cases. It has asked officers to complete these assessments through the e-processing facility.