"Anyone who may have deposited unexplained cash in bank accounts after demonetisation has received notices. The tax notices were sent through emails of the taxpayers," the person said. "Tax department is seeking the information of the customers to whom the cash sales are made," said senior chartered accountant Dilip Lakhani. ET was the first to report on January 28 that about 5,000 tax notices were sent to those who had deposited Rs 1 crore or more in their bank accounts. While the second wave of tax notices has begun, the tax department is continuing with those who were sent notices in January.

Source: Economic Times July 26, 2017 19:02 UTC