Bilaspur, Virendra Gahwai. Bilaspur High Court has said in an important decision that if an account holder does not give correct information regarding the amount of money deposited in his bank, then that amount can be brought under the ambit of income tax. This decision was given by the division bench of High Court comprising Justice Sanjay K Aggarwal and Justice Amitendra Kishore Prasad.
Citing Sections 68 and 69A of the Income Tax Act, the Division Bench clarified that it is mandatory for the account holder to give correct information about the amount deposited in the bank. If he does not do so, that amount may come under the ambit of income tax.
Apart from this, the bench also said that if the amount deposited is in the name of a third party, then detailed information about the source of the deposit should be sought from that person. This responsibility will be of the person in whose name the account is registered.
This important decision has been given on the petition of Dinesh Singh Chauhan, which is related to information about bank deposits. This decision presents important guidelines not only for the account holders but also for the Income Tax Department.
