A public interest litigation case field in High Court has compelled CBDT to relook on the allegation of money laundering by some persons . The assessing officers are instructed to report about any declaration of agriculature income in excess of a certain limit and also the action or enquiry conucted in case of scrutiny assessment already done. It has also been asumed that ceratin numbers of data may infact be incorrect. But the A.O is tasked with verifying it.
Reason for Past Cases of Agriculture Income in Tax Return
A public Interest Litigation has been filed alleging that there are assessee who have declared the unaccounted money as their agrciulature income and laundered money. CBDT has been asked by High Court to provide the list of cases of returns wherein agriculture income in excess of 1 Crore has been declared .
The Board has issued instruction to field formation for update on the list of assessees who have shown agriculture income exceeding RS 1 Crore and take following actions
(i) Verify whether the taxpayer may have made a data entry error while filling up the
return.
(ii) Wherever scrutiny assessment is completed, AO may provide feedback based on
assessment records.
(iii) In cases where proceedings u/s 143(3) are pending, assessing officers may be
informed to thoroughly verify the claims.
Read the Full Instruction on Agricultire Income
[gview file=”http://taxworry.com/wp-content/uploads/2016/03/agriculture.pdf”]