In year 2011 I withdrawn about 10 lacs and paid in cash to a builder for advance to book a property. due to some reason transaction failed and in years time got the money in cash with interest. now comes notice section 148 for ay 2012-13. having only agriculture income and age about 80 i have not filed return. can i show interest income in return. will this invoke sec 269ss and 269t and penalty provisions.
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Replies (3)
269ss and 269t will be attracted, only if it's loan
Sir, now ITO is not convinced and want to tax @ 30% on 11 L. The case is genuine with withdrawn reflecting in bank book and deposites made. The ITO want us to show case laws where such benefit of genuine has been extended to assessee. Pl share such case law / judgement to make him convince.
get confirmation letter from the builder in support of the repayment of deposit amount to you and if possible with supporting details such as builder's cash book or bank statements
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