I received notice from income tax department under section 143. It is written to verify my IT returns files for F.Y. 2009-2010 and Assement Year - 2010-2011
I attended that notice and income tax recovery office asked to come after 6 months once I get a detailed notice.
Actually, I had taken one flat in Pune in Dec 2007 for 40 lacks (30 lacs home loan, 3.5 lacs personal loan and remaing were my savings). And I sold it in April 2009 for 23 lacs. Its on paper value.
Actually I sold it for 40 lacs. I had taken 16,32,500 cash. I was now knwoing the fact that I should not accept cash from the other party. But as I was in some personal depression, I did that transaction.
After that for closing my home loan upto (29.5 lacs) I deposited 11 lacs cash in ICICI bank and after that deposited 2.5 lacs cash for closing personal loan.
Now after 6 months I have received detail notice from Income tax department and I have appointed one CA for this. As per CA's opinion, I have to show some valid sources for 16 lacs cash. Now I don't have valid resources.
So, as per the rule, income tax department will chare the income tax on 16 lacs and interest and penlty on this.
I am very afraid of this and I am helpless. I do not have all these money. Infact the flat which I sold was in loss. I was totally in loss. What can be done in this case? Please help me. If anyone is ready to help, please post your email id and I'll reply on that.
-Thanks a lot in advace.
CAclubindia
