I have received a letter from IT department of my own city stating that the department is in posession of information that I have entered in to financial transaction(s), as per details given below without quoting my PAN.
And the details given just below that line are around 15 Lakhs of Cash Deposit in FY 13-14 and assessment year 14-15.
I have been asked to furnish a source of cash deposit in my account. However I have not done any kind of this transaction mentioned in year 13-14. I mean I had a good turnover in that period but never deposited that much of cash in my account.
1) How can I furnish a reply?
2) Is it possible to ask what information they are in posession of?
3) The time limit to reply is within 7 days after receiving this lettter, is there anyway to present an application to the local IT officer to extend the date?
Note: The letter came from local IT office and there is signature of local IT officer below, is it even a genuine letter or just mischeif of someone just to grab some money?
CAclubindia
