CBDT gives 2 months extension to I-T Dept to finalise assessment in DeMo cases

NEW DELHI: The CBDT on Friday said that it has extended the taxman’s deadline by another two months till September to complete the final assessment of about 87,000 entities across the country who made suspicious deposits post-demonetisation.

The CBDT said the extension of time is being granted after considering “various difficulties (being faced by assessing officers) related to completion of assessments in Operation Clean Money (OCM) cases” by July end.

“The timeline for completion of assessment in such OCM cases is hereby extended and it should be completed by September 30,” the CBDT order said.

It had launched the ‘Operation Clean Money’ to check black money post-demonetisation.

The assessing officers (AOs) of the Income Tax Department had earlier this month petitioned the Central Board of Direct Taxes (CBDT) to extend the deadline, saying it was “humanly impossible” to finish the task by July as it requires a lot of “paperwork and manpower”. (AGENCIES)