Widow gets tax notice over Rs 60 lakh cash deposits; tribunal grants gift relief
The Income Tax Department flagged a woman for depositing Rs 60,07,500 in cash into her bank account during financial year 2015-16. She had not filed an income tax return for the matching assessment year. The Assessing Officer then issued a show-cause notice under Section 148A(b) of the Income Tax Act, 1961. Because she did not reply, the Assessing Officer went ahead and passed an order against her. The article also covers why the Income Tax Appellate Tribunal ultimately granted her relief by treating the amount as a gift.
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