21 November 2014
1) These are the issues since 1980. we've declared money in AMNESTY and from that money we've purchased residential property so isnt it covered under the SAFEMA law?.. Supreme court judgement 201 ITR 658 does not protect AMNESTY Scheme??
2) our family members have purchased properties between the years 1970-75 of amount 25,000-75,000 and even the purchasers have expired before 2000. they've filed the income tax returns and the income tax department in their assessment order have mentioned about it along with 3 years of penalty on us... SAFEMA department in the year 2014 has asked us about the accounts of that above mentioned money and properties, by books and bank statements, which we do not have right now. we've shown them the assessment orders and income tax returns acknowledgement but they refuse to understand so what can we do now? kindly please help.
3) under the law of SAFEMA, the one who purchases any property, who later dies so now can the SAFEMA department issue Showcause notice ?? and can they pass orders against their legal heirs ?
4) under the SAFEMA law the central government's finance department published circular no. 12/23/93-CA dated 23/6/94 so by this circular, properties purchased upto Rs.1,00,000 are to be forfeiture. Although the SAFEMA department doesnt agree with it and hence deny to give us liberty and our property back.. So what can we do now?
5) as per income tax law, they cannot ask for accounts and income stuff prior to 6 years. So in the SAFEMA how many years are granted for them to ask ? The law of SAFEMA was introduced in the year 1976 so can they question us about the properties that we've purchased in the year 1970?!!
CAclubindia
