Respected sir
DOES Notice for the transactions mentioned under CIB is issued only in case of non filing of return or otherwise also..??
Mostly in case of non-filers, but as it involves following causes:
Central Information Branch (CIB)
- CIB- 94: Sale of Motor Vehicle
- CIB-151: Transfer of immovable property
- CIB-154: Transfer of capital assets where value declared for the purpose of stamp duty is more than actual sale value
- CIB-157: Purchase of Immovable property valued at Rs. 5 lakhs or more
- CIB-183: Time deposit of Rs 1,00,000/-
- CIB-185: Purchase of Bank Draft of more than Rs. 50,000/- in cash
- CIB 321: Share Transactions more than Rs. 20,000/-
- CIB-403: Investment in Fixed Deposit/Time Deposit exceeding Rs. 2,00,000/-
- CIB-410: Cash deposit aggregating of Rs 2,00,000/- on a day
- CIB-514: Interest paid by co operative credit Society
After matching the data with filed ITR, if any mismatch found, even ITR filer may also get query.
CAclubindia
