Appeal against assessment order in limited scrutiny

Provide details of assessment order. 

I will be able to know the reason of demand. 

 

whether you engaged in share trading?

I am not engaged in any share trading. In FY 2014

In FY 2014-15 I purchased a property below circle rate due to ignorance and my father in law deposited Rs. 10 lacs cash in three instalment in my salary account from his sale proceeds. Now ITO has added everything to my income for FY 2014-15 though we gave declaration regarding the cash along with father in law's ITR copy and account statement but of no use

then the different between the purchase value and stamp duty value will be deemed as your income for that year. but in respect of the cash deposits, you will get relief in appeals, if you produce the requisite details substantiating that the cash deposits were made out of the sale proceeds by your father in law

Your case seems to be legitimate. Rest assured, if your facts are true & correct and you have all the documentary proofs for your claims. Then, it would be really hard for the authority to deny the benefit to you.

Also, I would recommend you to contact a professional for this, as they would help you to present before the authorities with a legal backing and precedents similar to your case. That definitely, makes your case stronger. 

Please suggest some names

Our previous CA has denied to deal the case further after we lost it at first step. Now we really need a good professional to move forward with the appeal

Deposit in your account by father -in-law will be treated as a gift from relative and not income in accordance with provisions of Section 56(2)(VII). Any some of money given without consideration from relative will not be deemed as income of recipient individual.

In your case, your father-in-law is a relative within the meaning of the definition of relative given for the purpose of section 56(2)(VII). Therefore, deposit of the amount in your account by your father-in-law will Not be treated as your income. Stand taken by the Assessing Officer in adding such deposit in your total income and raising additional demand is not correct in law. I am very sure that the you will win the appeal.

Further, Clubbing provisions contained in section 64(1)(VII) will not be applicable to your father - in-law .

Additional demand on account of purchase of the property below circle rate. You will lose the case to this part only.

But this ruling came in April 2014 itself and I purchased it in November 2014 How could they expect that general public should know everything

We are going for re valuation will it work?