I am 27 years old and had been employed with an software company for last 4 years.I had received a IT scrutiny notice us 143(2) from the ITO for the financial year 2007-2008.When I went to meet him he asked me if I have two pan numbers, and I said no. He said that had information that I have received certain fixed deposit interests, he also gave me the amounts, but I have never made any fixed deposits till date. He enquired if I have any invested any thing jointly with my mother, My mother has taken VRS from her job and she lives on interest earned on her fixed deposits,I said that she has made some fixed deposit where I am the second holder.But the interest amounts he has mentioned do not match the interests which my mother receives from her fixed deposits.The ITO has mentioned all incorrect fixed deposit interest amounts.
Also I and my mother have jointly purchased a residential flat,we got the possession in August 2007, I am the first holder and my mother is the second holder and we have jointly taken a homeloan where I am the first holder and my mother is the second holder. Though my mother pays the EMI from interest on her fixed deposits with the bank.This was done because as I had not completed 3 years of service,the bank did not grant me a loan alone.I had been claimed 100% tax benefits for this homeloan in my Income Tax Returns for the same financial year on the advice of the person who helped us to file our Income Tax returns.
Now he has asked me to submit to him a copy of my mother's fixed deposits which have my name as second holder a copy of her returns for the same financial year and the completion certificate of the flat.Is it proper for the ITO to ask for my mother's fixed deposit and return photocopies.
Is it possible that due to some mistake in any bank,where against someone else's fixed deposit/bank account, they have entered my PAN through a typographical error. It will be of great help if the learned members may suggest how such a case proceeds and what we can do ?
CAclubindia
