Hi Friends..
In one case , the tax authorities have sent notice to the assessee treating his unsecured loan and some unexplianed credits to his account as his income .Assessee was served due notice by them but he didn't replied to it.
The deemed income stands to be a big amount and assesee is now served with tax demand notice.
what are the legal provisions which can save assessee or the procedure to be followed in this case???????
he can make an appeal against the said order
I want to know the exact section and argument which can be made.........
In the tax demand notice the section will be mentioned. Please specify that section.
The notice has been served under section 143(1) and 143 (2) of the IT Act.
check if d demand notice is correct as far as d original notice ws concerned....
if ya... den... apply for a stay on d current notice....
den go for appeal....
but firstly go and meet ur IT Officer and talk to him...
CAclubindia
