MY CLIENT IS BULLION DEALER AND SELLING THE BULLION ON CASH AND AGAINST RTGS/CHEQUE PAYMENT APROX IN THE RATIO OF 30 % IN CASH AND 70 % IN RTGS/CHEQUE PAYMENT. THE CASE IS OPENED UNDER CASS AND THE OFFICER IS ACCEPTED ALL OTHER FACTS. BUT THE OFFICER IS OBJECTING FOR THE CASH SALE OF BULLION.(PAN NUMBER IS NOT COLLECTED AS THE SALE OF BULLION IS LESS THAN Rs 5 LAKH IN EACH CASE). HE IS SAYING ALL THE CASH SALES WILL BE ADDED TO YOUR INCOME. KINDLY SUGGEST ME ON THIS ISSUE.
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Sale of bullion in cash
Replies (1)
first examine whether notoce issued under ss.143(2) n 142(1)is not a bad in law notice, as every year you have AYand ROI...examine properly then you can get correct position after all CASS is relatedto AY based only.
tax law is natural justice based law and it has to go by audi alteram partem basis...and you need to look for SC or relevant HC ,even tribunal judgements to help you.
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