Dear Sir,
My self Saravanan , I got income tax notice 143(2) security transaction .
2015-2016
I am doing the trade in Sharekhan but when I return fill time I don't know share transaction should be in tax fill.
I got 2014-2015 year captital gain 450000 is loss
After got this notice ,income tax people why you did not showed in return documents.
May I know how much penalty for this case .
By
M.saravanan
Penalty may very as per best judgement of the assessing officer, but you are advised to hire services of any tax expert/ CA who will file revised return and as such all the interest / penalties etc. could be minimized.
As on the situation is............ non disclosure of the business/transactions..........
Whether to levy any penalty and its quantum would be decided after scrutiny of all the records.
@ Neeraj Gupta: Sorry for missing such posts (as such because of heavy load, I do not follow any thread) & hence missed to reply..
Well, here the situation is non-disclosure of certain facts........ and hence as per AIR reports & based on heavy transactions ......the case selected for scrutiny. Even the assessee may choose not to carry forward lossess, but that doesn't permit him to subside the fact/s.
Finally, even after all the scrutiny tests..... any genuine loss would not be allowed to carry forward, but may be allowed for adjustment in same year.
Section 148 scrutiny notice is initiated by the “assessing officer” when he has “reasons to believe” that income of a Taxpayer has “escaped” assessment for any year. Belief in broad sense considers the nature and quantum of transactions....... may not be any surety about amount of profit, when the facts are undisclosed by the assessee.
General experience is that nobody hides losses from department, but more than 99% try to hide the facts when in profit.
Dear Dhirajlal Sir, thanks a lot for taking time to answer even an old question. Appreciate it. Learnt one more thing today:
"Finally, even after all the scrutiny tests..... any genuine loss would not be allowed to carry forward, but may be allowed for adjustment in same year"
Appreciate your appetite for knowledge............. Good luck.
The objective of scrutiny assessment is to confirm that the taxpayer has not understated the income or has not computed excessive loss or has not underpaid the tax in any manner.
To confirm the above, the Assessing Officer carries out a detailed scrutiny of the return of income and will satisfy himself regarding various claims, deductions, etc., made by the taxpayer in the return of income.
After hearing/verifying such evidence and taking into account such particulars as the taxpayer may produce and such other evidence as the Assessing Officer may require on specified points and after taking into account all relevant materials which he has gathered, the Assessing Officer shall, by an order in writing, make an assessment of the total income or loss of the taxpayer and determine the sum payable by him or refund of any amount due to him on the basis of such assessment.
From above wordings........ you can estimate the scope of verifications..
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