CBDT sends 3K notices for high bank deposits

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Income Tax Department has issued around 3,000 notices to assessees for unmatched deposits in bank accounts, while it has seized a total of Rs 393 crore in cash and jewellery over the past five weeks. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said since demonetisation, it has come to its notice that people have been unscrupulously trying to convert their black money holdings in cash into white by depositing in bank accounts.

Daily Pioneer
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