I-T dept. surprised by Tasmac’s approval of demonetised notes

The Earnings Tax department has actually revealed shock over the Tamil Nadu State Marketing Corporation (Tasmac) having accepted demonetised currency notes worth5729 crore from customers who bought alcohol at its shops between November 9 and December 30, 2016, in complete conflict of the demonetisation announcement made by Prime Minister Narendra Modi on November 8, 2016

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After scrutinising Tasmac’s I-T returns for the year 2016-17 through the Computer System Aided Scrutiny Selection System (CASS), the department found that Tasmac had an opening balance of8423 crore as on November 9, 2016, which was stated a bank vacation. Of that balance,8157 crore was in Specified Bank Notes (SBN or demonetised currency notes of500 and 1,000) and 2.66 crore in other denominations.

Subsequently, Tasmac had gathered 3,49021 crore in between November 10 and December 30, 2016, and the money collections were deposited in its checking account every day. Records showed that the corporation had actually transferred about140 crore in demonet