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The insurance agent in the case deposited Rs 35 lakh in cash into his bank account. The department classified the amount as “unexplained money” and sought details of its source. The man maintained that the cash was not his personal money but represented insurance premiums collected from customers who had bought policies through him.
5:10 PM
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The Income Tax Department now receives automatic, continuous data feeds directly from banks, stockbrokers, mutual fund registries, and property offices. When central algorithms spot even a minor formatting difference or missing line item between your filed return and these external feeds, a notice is issued automatically.
4:10 AM
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12:10 AM
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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.
5:10 PM
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State Bank of India reported a 14 percent increase in net profit for the July-September quarter. The bank's total income also rose significantly compared to the same period last year. Asset quality showed improvement, with gross non-performing assets declining notably. Provisions for bad loans decreased, reflecting better financial health during the quarter. The bank's capital adequacy ratio increased, indicating stronger financial stability moving forward.
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