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1.5 lakh cases of demonetized money in bank have no info about sources


Content Team

As per the data provided by Minister of State for Finance Shiv Pratap Shukla in parliament, over 1.5 lakh cases of large deposits in banks are without any explained source of income under the taxman's scrutiny. Notice to 2,99,937 depositors was sent under Section 142(1) of the Income Tax Act, 1961, during 2017-18, who dumped a large amount of money during demonetization but didn't file an income tax return.