CURRENT AFFAIRS

Detailed explanation-1: -The motive of the operation clean money is cleared from its intentions to interrogate all the bank deposits made in a large sum after the demonetization drive by the prime minister Narendra Modi on 8 November 2016.

Detailed explanation-2: -Operation Clean Money ITD has enabled online verification of these transactions to reduce compliance cost for the taxpayers while optimising its resources.

Detailed explanation-3: -ITAT Bangalore held that cash deposited on account of cash sales during demonetization period cannot be added as unexplained under section 68 of the Income Tax Act as AO didn’t rejected the books of accounts nor brough anything contrary on records to show that cash sales is not the source for cash deposit.

Detailed explanation-4: -The Operation Clean Money was launched by the Income Tax Department on January 31, 2017, to verify the large cash deposit made during the period from November 9 to December 30, 2016.

Detailed explanation-5: -The Income Tax Department has prepared an Annual Information (AIR) statement that helps in tracking high-value transactions. Here, the concerned authorities accumulate information of high-value transactions in a financial year based on AIR.