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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SBI Q2 results: Net profit rises 14% to Rs 23,038 crore

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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