Widow faces tax notice for Rs 60 lakh cash deposits; why ITAT treated it as gift from late husband

The Income Tax Department discovered that a woman had deposited Rs 60,07,500 in cash into her bank account during the financial year 2015-16.

However, she had not filed an income tax return (ITR) for the corresponding assessment year.

The Assessing Officer (AO) subsequently issued a show-cause notice under Section 148A(b) of the Income Tax Act, 1961.

As the woman did not respond, the AO passed an order.

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Key focus areas include regulatory direction, banking operations, credit conditions, customer service, compliance readiness, and market developments connected with "Widow faces tax notice for Rs 60 lakh cash deposits; why ITAT treated it as gift from late husband".

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The council news desk recommends reviewing related circulars, service rules, and grievance channels where the development has service or welfare implications for SC, ST, and OBC employees.

Source attribution: Times of India – Business.

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