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Showcause Notice for overseas income on 2014

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Jayakumar Lakshmanan

23 Points Posted on 19 January 2024

Hi Experts,

I got show cause notice for 70L Rupees which I used to buy an apartment in 2014.

I have shared all income document and bank loan documents but still got a showcause notice to provide documentary evidence. Currently I am outside of India. Can CA or any representative appear for show cause notice ?

if I am not able to show up within 15 days time limit what will be the appr penalty amount which I may inccur ?

Replies (4)

Quick Summary

This discussion addresses a user's concern about a show cause notice received for overseas income used to purchase property in 2014. The user is seeking clarification on whether a Chartered Accountant (CA) or representative can appear on their behalf, as they are currently outside India. They are also concerned about potential penalties and repercussions if they cannot respond within the 15-day time limit, especially after a previous experience where bank accounts were frozen for a missed deadline.

CA Aakarsh Jain

4330 Points Posted on 19 January 2024

Hi Jayakumar
I'll be happy to help you with this.
Please check your inbox once for details.
Thanks

sabyasachi mukherjee

Profession

19978 Points Posted on 20 January 2024

A qualified accountant can act on behalf of the firm.

S A

63 Points Posted on 20 January 2024

This is a common problem for NRIs nowadays. IT department keeps asking for source of funds for property purchases.

My uncle is facing the same issue. You should reply to the notice within the given time limit. IT dept takes drastic steps in some cases where such notices are ignored. They froze my uncle's bank accounts in India as he missed the deadline.