NOTICE U/S 147 OF INCOME TAX ACT 1961

This query is : Resolved

raghavendra b (Querist)
Follow

11 April 2022 DEAR SIR,

ONE OF MY CLIENT RECEIVED NOTICE U/S 147 OF INCOME TAX ACT. BUT NOTICE SERVED AS PER THE RULE SPECIAL FINANCIAL TRANSACTION (SFT). CASH DEPOSITS MADE DURING THE FINANCIAL YEAR 2017-2018. THE PROBLEM IS MY CLIENT IS AN INDIVIDUAL BUT THE TRANSACTION MADE DURING THE YEAR IN THE BANK OF ACCOUNT OF HIS ORGANISATION MEANS CABLE OPERATOR ASSOCIATION. THE CASH DEPOSITS HOW THEY MADE WERE THEY ARE COLLECTING CASH FROM HIS CUSTOMERS PER SETOP BOXES AND PAYMENT MADE TO CABLE NETWORK COMPANY WHO SUPPLED THE SUPPLIED THE BOXES AND SERVICES. ALMOST ENTIRE YEAR DONE THE SAME TRANSACTION. BETWEEN THIS THE TRANSACTION CROSSED RS. 1CRORE THAT YEAR. SO THE ASSESSING OFFICER SERVCED THE NOTICE UNDER PROVISION OF THE SECTION 147 OF IT ACT TO REOPENING THE ASSESSMENT.
NOW HOW TO ASK TIME LIMIT TO PROVE THE TRANSACTION.

AND PLEASE SEND ME IF HOW TO DRAFT THE REPLY TO LETTER TO THE AO.

YOUR SUGGESTION AND GUIDENCES MUCH NEEDED TO ME

PLEASE GUIDE ME

REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

11 April 2022 REPLY TO THE NOTICE AS I AM INDIVIDUAL BUT THE TRANSACTION MADE DURING THE YEAR IN MY BANK ACCOUNT IS OF MY ORGANISATION MEANS CABLE OPERATOR ASSOCIATION. THE CASH DEPOSITS MADE WERE OF COLLECTION OF CASH FROM CUSTOMERS PER SETOP BOXES AND PAYMENT MADE TO CABLE NETWORK COMPANY WHO SUPPLIED THE BOXES AND SERVICES. ALMOST ENTIRE YEAR DONE THE SAME TRANSACTION. BETWEEN THIS THE TRANSACTION CROSSED RS. 1CRORE THAT YEAR.
THE CASH DEPOSITS WERE NOT MY INCOME.

raghavendra b

raghavendra b (Querist)
Follow

16 April 2022 THANK YOU FOR YOUR REPLIES,

BUT HOW THE AO HAS TO BELEIVE WHETHER MAY THE ENTIRE TRASACTION MUST BE COME FROM THE CUSTOMERS BECAUSE AN ASSOCIATION RECEIVED THEIR PERSONAL AMOUNT OF THE MEMEBERS WE HAVE TO CLARIFY THE EACH AND EVERY ONE TRASACTION WITH PROOF MAY BE HARD TRANSACTION MEANS HUGE DEPOSITS CANT BE EXPLAIN THE WHEATHER INCOME OF THE ASSSOCIATION OR AMOUNT OF THE PERSONAL TRANSACTION OF THE MEMBERS. SO THIS IS PROBLEM I AM WORRYING SIR.

REGARDS AND THANK YOU

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

17 April 2022 No need to worry. Show the closing balance in your account is reasonable based on your income and no huge deposit made AO will accept your reply

raghavendra b

raghavendra b (Querist)
Follow

17 April 2022 THANK YOU SIR ,

YOUR REPLIES VERY VALUABLE

REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

17 April 2022 You are welcome...........

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now