Dear friends,
plz advice on below for my fathers income tax issue
for 2012-13 FY , we got notice in 2015 saying there are cash deposits more than 10L ,and asked to file ITR and submit in compliance portal. this is the very first time we got notice from incometax and we reached CA and he check the bank statement where it shows 92 L credits and 72 Lacks debits , source of this money is i have given 10L to my father and he sold some land worth of 9L ( this land is agriculture land and its with us since last 20 yrs)
he deposited my money and his land sale money to the bank account and further created FD with same money in the same bank account ,withdraw some money ,again deposite ,with draw -deposite this cycle happened through to out the year ,with that withdrawed money he bough some vehicles and sold them,,again deposite the same ,,,
finally there are 92 Credits and 72 debits,,max peak balance was around 20L
CA helped to file the taxes for that 2012-13 FY , mentioning agri income , income from business , interested earned and capital gains from sale of land ( even though its agriculture lan- not taxable) , CA submitted the taxes manually in paper format with vide-ack number from local incometax office and submitted the same in compliance portal as per the notice received
with that we though this was ended,but recently in 2021 March , there was a notice asking to explain the source of cash deposits of 2.75 crores, but unfortunately we were not aware of these notices,subsequently this notice went to demand saying these total deposits as treated as income and then taxed with penalities and intrests
How ever there are only cash deposits of 92L, but how assessing office saying 2.74 Crores? we don't understand
we filled an appeal against the orders passes by AO and waiting for the hearing
please suggest how AO treated 2.74 CRores even though we have only 92L as credits ( max peak is 20L ,the same amount is credited and debited for multiple times)
CAclubindia
