Assessment of Cash Deposits in Operation Clean Money (OCM) Cases

• December 12, 2019
• CA Chandan Agarwal's Office

Executive Summary

A large number of assessments pertaining to cash deposited in banks during demonetization period are pending. The article analysis relevant sections of I.T. Act as well as various legal issues to assist assessing officers in passing error free sustainable assessment orders.

Mission of Operation Clean Money (OCM) is to create a tax-compliant society through a fair, transparent and non-intrusive tax administration where every Indian takes pride in paying taxes. The strategy of Operation Clean Money is as follows:

• • Increase awareness about tax obligations using a comprehensive Information, Education and Communication (IEC) approach
  • Promote voluntary compliance by e-delivery of services and reducing taxpayer compliance costs
  • Collect timely and accurate third party information from reporting entities

Read more on: https://taxguru.in/income-tax/assessment-cash-deposits-ocm-cases.html