Order passed u/s147 r.w.s 144 read with section 144B of the Income-tax Act.

This query is : Resolved

Varun Wadhavekar (Querist)
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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.'

Can you experts please help on this

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 March 2024 File appeal against the order through a CA of good repute in your area.

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Varun Wadhavekar

Varun Wadhavekar (Querist)
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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

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 March 2024 Yes, but you can seek waiver of such payment.