I-T notices to 50 car dealers; seeks details of customers post Nov 8

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The Income-tax department has issued notices to over 50 car dealers, asking them to furnish details of customers who have bought cars after November 8, following the demonetisation of 500- and 1,000-rupee currency notes.

The notices are being sent under Section 133(6) of the Income Tax Act, 1961, which empowers the I-T authorities to seek information that could be useful in connection with any pending proceeding or enquiry.

Economy Policy : 

Confirming the development, a senior income-tax official said that the department has observed a significant increase in car sales during the past two months. “This is part of an exercise in which we checking the use of junk old notes and also tax evasion through such buying,” the official said.

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