DEMONETISATION PERIOD- MONEY TRANSFER BUSINESS
This query is : Resolved
15 December 2019
KIND ATTN. SIR
THE ASSESSEE IS DOING MONEY TRANSFER BUSINESS AND DURING DEPOSITED CASH WITH BANK AND USED FOR MONEY TRANSFER PURPOSE AND RECEIVED NOTICE UNDER SECTION 143(2) AND 143 (3) OF THE INCOME TAX ACT THROUGH ONLINE AND REPLY HAS BEEN FILED AND LATER ON THE AO HAS NOT ACCEPTED THE FACTS OF THE CASE AND ISSUED NOTICE, TREATING CASH DEPOSIT AS UNEXPLAINED MONEY AND LEVIED PENALTY . THE AO HAS CONSIDERED THE SAID MONEY AS ILLEGAL AND BANNED NOTES . THE SAID IS ASSESSEE IS UNABLE TO DEPOSIT 20% OF TAX DEMAND WITHIN THE STIPULATED PERIOD.KINDLY GUIDE US TO PROCEED FURTHER TO APPEAL WITHOUT PAYMENT OF 20% TAX ON DEMAND (ACCEPTED FOR GENUINE REASONS) OR IT CAN APPLIED FOR REVISION WITH CIT
WITH REGARDS
CA.P.SHANGAR
THE ASSESSEE IS DOING MONEY TRANSFER BUSINESS AND DURING DEPOSITED CASH WITH BANK AND USED FOR MONEY TRANSFER PURPOSE AND RECEIVED NOTICE UNDER SECTION 143(2) AND 143 (3) OF THE INCOME TAX ACT THROUGH ONLINE AND REPLY HAS BEEN FILED AND LATER ON THE AO HAS NOT ACCEPTED THE FACTS OF THE CASE AND ISSUED NOTICE, TREATING CASH DEPOSIT AS UNEXPLAINED MONEY AND LEVIED PENALTY . THE AO HAS CONSIDERED THE SAID MONEY AS ILLEGAL AND BANNED NOTES . THE SAID IS ASSESSEE IS UNABLE TO DEPOSIT 20% OF TAX DEMAND WITHIN THE STIPULATED PERIOD.KINDLY GUIDE US TO PROCEED FURTHER TO APPEAL WITHOUT PAYMENT OF 20% TAX ON DEMAND (ACCEPTED FOR GENUINE REASONS) OR IT CAN APPLIED FOR REVISION WITH CIT
WITH REGARDS
CA.P.SHANGAR
04 June 2020
Please do mail me at ashakantasharma@gmail.com with all the details for complete analysis of the same.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- GST input credit on commercial property
- Nursery business
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Capital gains in IT returns
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
