Demand

This query is : Resolved

TANVI TAKKAR (Querist)
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21 November 2014 Hii...

one of my client has deposited cash of RS. 1096100/- in his saving account during the period 01/04/2008 to 31/03/2009.A letter dated 09/07/2012 was issued to the assessee to explain the source of payment. The assessee had not fillled any reply.Notice u/s 148 was issued on 27/12/2013 and was served by way of affixture on 01/01/2014.

Notice u/s 143(2) issued on 30/01/2014 fixing the case for 19/02/2014.On 19/02/2014 neither anybody attended nor written reply filed.

Notice u/s 142(1)issued on 16/04/2014 fixing the case for 23/04/2014. On 23/04/2014 neithr anybody attended nor written reply filed.

Notice u/s 142(1) issued on 11/08/2014 fixing the case 22/08/2014. On 22/08/2014 neither anybody attended nor written reply filed.

Now keeping in view of the principle of natural justice, the assessee was given final opportunity vide letter dated 15/10/2014 and show caused as to why the entire cash deposit should not be treated as unexplianed cash credits u/s 68 of the I.T. Act and case is fixed for hearing on 27/10/2014.

on 27/10/2014 neither anybody attended nor any written reply filed.

in the absence of any explanation with regard cash deposit in his bank account amounting to Rs. 1096100 is held to br income of the assessee u/s of the income tax act as unexplained cash credits.

income of assesse is computd as under:-
Normal income Rs. 150000
Add:-on a/c unexplained cash
credits u/s 68 of ITAct Rs. 1096100
total taxable income Rs.1246100

Tax Rs. 315914
Intt. Rs.246413
total demand Rs 562327
so now i want the procedure of solution of this problem

Amol S Joglekar

Amol S Joglekar (Expert)
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21 November 2014 What sort of solution you are expecting? Waiving the demand or set aside the order?

TANVI TAKKAR

TANVI TAKKAR (Querist)
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21 November 2014 i want to know How I can handle this case.
for waiving the demand

Amol S Joglekar

Amol S Joglekar (Expert)
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21 November 2014 You need to have some GENUINE reason to defend that such a small period of around 800 days was NOT sufficient for your client to answer the query raised by income tax department. If you have the reason, you can very well defend the case to waive the demand

Rupesh Jain

Rupesh Jain (Expert)
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22 November 2014 you have to trace the transaction money you deposit in a/c then you can escape the tax.

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