NOTICE U/S 142(1)
This query is : Resolved
25 November 2010
HI FRIENDS, I HAD RECEIVED A NOTICE U/S 142(1) FOR A.Y. 2009-10 DATED 15.10.2010 CALLING FOR SOME INFORMATION AND SUBMITTING DETAILS.
THE PROBLEM IS THAT MY BANK ACCOUNT SHOWS NUMEROUS TRANSACTIONS AMOUNTING TO A TOTAL OF RS. 18 LAKHS. ACTUALLY THESE TRANSACTIONS WERE ONLY DEPOSITS AND WITHDRAWLS TO MY BANK ACCOUNT BY MYSELF JUST TO SHOW TRANSACTION FOR ABROAD VISA PURPOSES. HOW CAN I EXPLAIN THE SAME TO A.O.? CAN I TELL HIM THAT THESE WERE JUST TRANSACTIONS MADE FOR RECORD IN THE PASSBOK? I DO NO HAVE ANY EVIDENCE TO PROVE EXCEPT THAT I AM GOING TO ABROAD.CAN THESE PUT ANY PENALTY IMPLICATIONS ON ME AS I HAVE NOT MENTIONED THESE IN MY RETURN FILED MANUALLY. KINDLY ADVISE ON URGENT BASIS.
THANKS AND REGARDS,
SANDEEP THAKUR.
THE PROBLEM IS THAT MY BANK ACCOUNT SHOWS NUMEROUS TRANSACTIONS AMOUNTING TO A TOTAL OF RS. 18 LAKHS. ACTUALLY THESE TRANSACTIONS WERE ONLY DEPOSITS AND WITHDRAWLS TO MY BANK ACCOUNT BY MYSELF JUST TO SHOW TRANSACTION FOR ABROAD VISA PURPOSES. HOW CAN I EXPLAIN THE SAME TO A.O.? CAN I TELL HIM THAT THESE WERE JUST TRANSACTIONS MADE FOR RECORD IN THE PASSBOK? I DO NO HAVE ANY EVIDENCE TO PROVE EXCEPT THAT I AM GOING TO ABROAD.CAN THESE PUT ANY PENALTY IMPLICATIONS ON ME AS I HAVE NOT MENTIONED THESE IN MY RETURN FILED MANUALLY. KINDLY ADVISE ON URGENT BASIS.
THANKS AND REGARDS,
SANDEEP THAKUR.
CA Sanat Pyne
(Expert)
25 November 2010
YOU HAVE TO PRODUCE THE ACTUAL SOURCE OF THE AMOUNT DEPOSITED IN YOUR ACCOUNT.
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25 November 2010
the amount at one time deposited is rs 250000/- but the same is withdrawn again and deposited again and again withdrawn so to make a total of 18 laks of total transaction. but the same 25000/- is being deposited and withdrawn.
25 November 2010
do i need to show source of rs 18 lakh or 25000/-? as i only circulated 25000/- again n again
CA Sanat Pyne
(Expert)
25 November 2010
It is totally depends upon the A.O.You have to justify the reason for recurring deposit and withdrawal.
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