02 March 2024
Me and my wife purchased an apartment in Nov 2017 as co-owners for value of 72 Lacs. For purchase of property PAN was given by both of us. The Home Loan EMI is completely paid by me, also TDS was paid by me. But in Income tax department sent a notice on 1st April 2022 to my wife for purchase of immovable property and source of income. This notice I responded by giving explanation and all documents. But after that many notices came which we somehow missed responding , Now the IT dept has sent a closure notice with order passed u/s147 r.w.s 144 read with section 144B of the Income-tax Act. The amount is very high amounting to 2 Cr+ which is impossible for me to pay, all property related documents and transactions I have. Also u/s 270A notice is recieved stating '. You are required to show cause why an order imposing penalty u/s 270A of the Income-tax Act,1961 should not be passed.'
02 March 2024
Thanks! For appeal do we need to give 20% amount , because that is also a very huge amount. My income is not that much that I can afford this big amount
CAclubindia
