Sourav Jain (CMA|CS|CA–Inter|B. Com(H)) (44 Points)
01 December 2017Can the Income Tax Tax recovery department issue a demand notice for AY 1967-68 now?
I have received a tax demand notice for a client pertaining to AY 1967-68.... during that year the assessee was a minor.
No records are available neither with the department nor with us.
If we opt to pay the demand, huge interest and penalty will be involved.
Is this justified from the Department's side?
Ramakrishnan
(Articled Assistant)
(37 Points)
Replied 01 December 2017
look into the time barring aspect of the notice and accordingly move upon.
ANKUR TAH
(Teacher Consultant and CA finalist.)
(543 Points)
Replied 01 December 2017
Sourav Jain
(CMA|CS|CA–Inter|B. Com(H))
(44 Points)
Replied 01 December 2017
The notice received is of an outstanding tax demand and not a fresh demand... so the period of limitation will not be applicable
ANKUR TAH
(Teacher Consultant and CA finalist.)
(543 Points)
Replied 01 December 2017
Sourav Jain
(CMA|CS|CA–Inter|B. Com(H))
(44 Points)
Replied 01 December 2017
It is above 50 years old and no records are available neither with the department nor with the asessee. There is no proof of the demand being a genuine one.
What can the assessee demand from the department as the proof of demand?
ANKUR TAH
(Teacher Consultant and CA finalist.)
(543 Points)
Replied 02 December 2017
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