objection against ITO order

This query is : Resolved

Harsh (Querist)
Follow

14 December 2009 we had filed return alongwith audited reports on time.
Notice u/s.142(1) / 143 ( 2 ) was received , we have produced all the documents..

I. T. O - is making an addition of 25 lacs ... ( o/s sundry creditors ) ..and says
would raise a demand of 7,50,000 and concealment 7,50,000 /= ie. approx 15 to 16 lacs as total tax due...

we object to this assessed income and tax demand .. we would like to know can we approach the
Deputy commissioner / Asst. commissioner having jurisdiction over the Ward ...Range ... ???? or Commissioner I.T

or only option is appeal to CIT (Appeals ) after income-tax officer passes order. ?? ... and if we appeal do we need
to pay the whole of the tax demanded ie. 16 lacs .... Impossible to arrange....

if we dont pay the tax .. shall we be in default and will our appeal be accepted ????

we have filled the return paid tax due as per return filled by us .... what will be the minimum tax to be paid for filling appeal...
is it 16 lacs .... ??

if anyone could suggest ...it would be helpful...

thank u..

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
Follow

14 December 2009 Dear Harsh, I can understand your miserable situations.

If you have filed all the sundry creditors ledger accounts with their name, addresses and PAN number then the at first instance ITO cannot add the amount while making assessment.

If he has sent notices to the creditors who in turn are not replying then this is unfortunate state for you. But, before adding the amounts the ITO has to issue show cause notice to you for which you should reply very carefully; specially with the help of one Income Tax Consultant.

Even if situations remains unchanged; you can go for appeal. First appeal lies with CIT(Appeals) for which you have to pay a nominal fee of Rs.1,000/-. Without paying demands you can file appeals. A petition can also be filed for stay of demand. Looking to the genuine hardship to the assessee; he may grant such stay. You should hire the services of an expert Income-Tax Practitioner.

As per Income Tax Act; you have to prove the genuineness of creditors. Be careful. If you have not still filed the ledger copies, addresses and PAN of the creditors; still you should file these to the ITO.

Ca Rakhecha
Surat

Harsh

Harsh (Querist)
Follow

15 December 2009 thank u very much sir....

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Shakthi

CA Satyen Sharma

madhuseshu yathirajam

Soumitra Patra

Vinod Patil

Subscribe Now

objection against ITO order

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA