NEW DELHI, Nov 20: The Income Tax department has issued hundreds of notices seeking “source” of funds from individuals and firms who have deposited huge amounts of cash in banks using the scrapped Rs 500 and Rs 1000 currency notes after November 8, reports said.
As per reports, Officials said the taxman has begun a country-wide enquiry in this regard and has issued notices under Section 133 (6) of the Income Tax Act in various cities and towns of the country and notices were issued after banks reported to it certain cases of “unusual or suspicious volumes of cash deposits” in their accounts, primarily beyond Rs 2.5 lakh.
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