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CBDT Extends Deadline On Final Assessment Of Post Demonetisation Cases

By Staff
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On Friday, the Central Board of Direct Taxes (CBDT) extended the Income Tax department's deadline to September to complete the final assessment of about 87,000 entities across the country who made suspicious deposits post-demonetisation.

The CBDT said that the extension is being granted after considering "various difficulties (being faced by assessing officers) related to completion of assessments in Operation Clean Money (OCM) cases" by July end.

CBDT Extends Deadline On Final Assessment Of Post Demonetisation Cases
 

"The timeline for completion of assessment in such OCM cases is hereby extended and it should be completed by September 30," the CBDT order accessed by PTI said.

The assessing officers (AOs) of the Income Tax Department working on the OCM cases had earlier this month petitioned to extend the deadline, saying it was "humanly impossible" to finish the task by July as it requires a lot of "paperwork and manpower," a PTI report said.

"Moreover, separate targets have been set for each AO for survey, recovery survey collection, appeal, audit and grievance redressal among others," they said.

These cases include those where suspicious deposits of huge amounts or amounts not in conformity with the transaction history of the entity were made post the demonetisation on 8 November 2016.

Story first published: Saturday, July 27, 2019, 11:14 [IST]
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