Assessment proceedings NFAC
Rajat Sharma (499 Points)
23 September 2021
Sir I am an Accountant and my income tax case has been fixed for show the cash deposit at the time of demonetization period under the faceless asset centre.Sir now I want to draw your kind attention that my son was an excise contractor and at the time of demonization period an unit of L 14 which belong to another party was declared defaulter by the AETC and my son was interested to take the said shop of wine,the AETC was declared the date of re auction as on 30/10/2016 and my son withdraw a sum of Rs 750000/- and Rs 500000/- from his cash book to purchased the said wine shop,sir on the time to time request of the defaulter party date of re auction was fixed for seize/locked the said 15/11/2016 to 17/11/2016.& on the re auction the said unit of wine was alloted to my son,sir the bank account of my son was in the KCCBLtd which was banned by the govt not to accept the the banned currency so at the time of allotment of said unit my son has not any another account and has been used my bank account to pay the security amount fee and another charges Sir all the amount deposit in my account by my son was transferred in favour of AETC in the shape of Rtgs neft and d/d not a single penny has been withdraw in the shape of cash .Sir after started the proceedings and all facts and figures furnished by me the NFAC has give me a show cause notice which he has want to made the addition under section ,69 and sub section by calculating the tax @ 60% and asked me by not made the addition whereas the reason and sources of cash deposit has been furnished to NFAC,Sir I want to know your forum now what can I do for satisfaction to the NFAC Sir please guide and help me.Thanks.