CBDT has issued Standard Operating Procedure (SOP) to senior IRS officers for handling of cases related to substantial cash deposit during demonetisation period in which Sec.142(1) notices have remained non-complied.
In this regard, CBDT has laid down 7 pointer guidance, directs AO to proceed with completion of ‘best judgement assessment’ u/s.144 of the IT Act; Also stresses on invocation of Sec. 133(6) for gathering information; CBDT requires that wherever possible, the assessments covered in this SOP may be completed by March 31, 2019 and in any case by the first quarter of the next financial year i.e. by June 30,2019.
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