27 September 2017
I have received from income tax department notice u/s 142(1) for the f/y 2012-2013. during the year i have not filed my itr. i have deposited cash around 7 lacs & 12 iind saving account. total cash deposit during the year 19 lacs. I have already filed compliance . reason mentioned by me income is below taxable so itr not filed. but assessing officer sent notice after 6 month of compliance. he asking books of account like bank Statement, p&l, etc. pls suggest what i do ????
f/y 2013-14-15-16-17 itr was filed by me. pls explain in detal
30 September 2017
Mr Asgar first of all what compliance you have made before the Assessing Officer? Second most important thing is that you are claiming that your income was below taxable limit hence you did not file ITR but you have to explain the source of cash deposit of 19 Lacs as you have mentioned that during the year under question you have deposited in several accounts cash of Rs 19 Lacs. Now you have to produce your all bank pass books or statements and the source of deposit of cash. If you fail to explain the proper and genuine source of cash deposit and your income the entire cash deposit will be added in your income and will be taxed. hence be cautious and take proper legal advice before submitting any documents before Assessing Officer. Your matter is not so simple as it is related with cash depodsit of 19 Lacs while income is below taxable limits.
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